ETHEREUM: Một đế chế đang dần bị lãng quên? | Trường Sơn | Xóa Mù Crypto
Short Summary:
This video explores the possibility of Ethereum experiencing a "Nokia moment"—a rapid decline from market dominance despite continued technological relevance. The video discusses Ethereum's shift from being the central hub of DeFi, NFTs, and GameFi in 2021 to a relatively quieter position in 2025. Key points include the decrease in Total Value Locked (TVL), the rise of Layer-2 solutions (Arbitrum, Optimism, Base), the declining ETH staking rewards, and the lack of a compelling narrative compared to competitors like Solana and Aptos. The implications are a potential loss of market share and relevance unless Ethereum can reignite community excitement and find a new, engaging story to tell. The video details the analytical processes used to assess Ethereum's current state, comparing various metrics and market trends.
Detailed Summary:
The video begins by drawing a parallel between Nokia's downfall and Ethereum's current state. Nokia, once a dominant player, was overtaken by the iPhone and Android, highlighting the dangers of technological stagnation and poor market response. The video then focuses on Ethereum's past glory, its role in the 2021 DeFi and NFT boom, and the impressive metrics at the time (high TVL, transaction volume, gas fees).
The next section details Ethereum's current situation: a significant drop in TVL, reduced daily active addresses, lower ETH price, and decreased gas fees—all indicating a decline in market interest. The rise of Layer-2 scaling solutions is highlighted as a double-edged sword: while improving user experience, they also fragment value, diverting liquidity away from ETH itself. Staking rewards are also low, making ETH less attractive as a passive income investment.
The video then compares Ethereum's narrative to competitors. Solana's success with memecoins and a vibrant community, Base's integration with Coinbase and focus on AI and meme culture, and Aptos's proactive community engagement are contrasted with Ethereum's relatively quieter approach focused on technical upgrades (like the Merge and upcoming sharding). The video argues that Ethereum's strength in technology is overshadowed by its weakness in storytelling and market engagement.
The core issue, according to the video, is threefold: Ethereum's stability is perceived as boring compared to the excitement of newer, faster blockchains; Layer-2 solutions, while crucial for scalability, fragment the value of ETH; and Ethereum lacks a compelling narrative to capture market attention. The video also points out that while Vitalik Buterin's meme-worthy appearances are entertaining, they don't effectively communicate Ethereum's technological advancements.
The conclusion emphasizes that Ethereum's problems aren't technological but rather relate to its communication and market positioning. While it continues to develop, it needs to find a way to reignite community enthusiasm and tell a more compelling story to maintain its relevance in a fast-paced, emotion-driven market. The video ends by posing the question of whether Ethereum is experiencing a temporary setback or a long-term decline, leaving the answer open to audience interpretation. The speaker also encourages viewers to join the Xóa Mù Crypto community for further discussion and learning.