From “Builder” to “Infrastructure,” ETH has handed over the narrative to others, and users to Solana.

The author describes themselves as an early investor, accusing the Ethereum Foundation of shifting the narrative from "We are building" to "We are infrastructure" between 2021 and 2023, using philosophy and ESG to mask poor execution and neglecting user experience. After the merge, ETH's price relative to BTC dropped about 65%, with native staking lacking user-friendly entry points and relying on Lido. The rollup approach weakens the base layer, and after EIP-4844, revenue has significantly declined, leading to ecosystem fund fragmentation. Solana has surpassed in user focus. Conclusion: ETH's market cap ceiling comes from execution debt, not coordination issues; the sell-off stems from abandoning asset appreciation strategies.