Bankless co-founder Ryan Sean Adams recently Adopted for X platform Severely criticizes the emerging “not Ethereum” $ETH” story.
Without a native token to serve as a large-scale global store of value, the entire network is essentially a “failed project.”
“It’s not Ethereum.” $ETH“Fallacy
Mr. Adams expressed deep frustration with the growing sentiment that one can be bullish on the Ethereum network’s technology without being bullish on it. $ETH the asset itself.
He pointed out that this very “mental fallacy” is what inspired him to start writing and podcasting in the first place.
“The powerful Ethereum $ETH It’s worth trillions of dollars,” Adams said. $ETH Ethereum as a global store of value is a failed project. Full stop. ”
he explained it in detail $ETH serves as the essential “economic bandwidth of DeFi” and serves as the only asset maximized for cryptographic property rights (CROP). Adams argued that separating networks from assets is intellectually dishonest.
“Even though I say Ethereum is bullish, it’s not.” $ETH “That’s like saying America is bullish instead of the American economy,” Adams explained. Rather than saying “Ethereum is a failure,” it’s better to admit that Ethereum is a failed project. $ETH‘. ”
He urged the community to abandon “weak blockchains that are not cryptocurrencies,” arguing that they make no sense for true crypto-native projects like Bitcoin, Zcash, and Ethereum.
rift between founders
At the same time, his Bankless co-founder David Hoffman disagreed with the core analogy.
“I don’t think this is true. This analogy doesn’t hold. These are two different media with different contexts,” Hoffman argued, adding, “There needs to be a mechanism to create value.” $ETH. ”
But Adams pointed out that the mechanism has always been clear. $ETH It serves as money.
“The way it works is $ETH used as a SoV (store of value), medium of exchange, or unit of account,” Adams shot back. You can believe that it won’t happen, or will never happen, or can never happen. But the mechanism is clear and always has been clear. ”
Retirement of co-founder
In mid-to-late May 2026, David Hoffman shocked the crypto community by publicly announcing that he would sell his last assets and liquidate. $ETH Collection.
But Ryan Sean Adams is not selling Ethereum. Despite stepping back from some content-related roles at Bankless, Adams has given no indication that he is on the verge of relinquishing his stake.
