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Author: Osato Avan-Nomayo, DLNews; Compiled by: Wuzhu, Bitchain Vision
Ethereum has lost its luster—at least for one of its top developers.
Ethereum star developer Nick Conner bid farewell to the project amid the dissatisfaction of several stakeholders.
“I’m no longer a .eth person,” Connor wrote on X on Tuesday.
“.eth” is the “.com” of Ethereum supporters, a subtle tribute that turns the holder’s online username into a sign of loyalty to blockchain projects.It comes from the suffix obtained by the user when creating the Ethereum service name for his wallet address.
This is the latest setback for Ethereum.It has failed to keep pace with rivals Solana, XRP and Bitcoin over the past year.While people are optimistic that the launch of the spot Ethereum Exchange-traded fund will replicate the success of US Bitcoin ETFs, Ethereum has been lagging behind its competitors.
There are even rumors that XRP may eventually replace Ethereum as the second largest cryptocurrency.
Self-exit
Connor’s self-exilation from the so-called “Ethereum Big Boss” team is considered a clear signal that a greater crisis is brewing within the project community.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said the news was a “bad sign” for Ethereum.
Connor co-wrote EIP-1559, a groundbreaking change in Ethereum code that changed the network’s transaction fee market.
Connor explained why he made the decision, saying there was a disagreement between the leadership of the program and the aspirations of the wider community.
Many Ethereum stakeholders have expressed similar views and pointed their dissatisfaction at the Ethereum Foundation, a nonprofit that oversees the development of the project.
The organization has been criticized for failing to support the second largest cryptocurrency.
Angry Ethereum supporters
Critics mocked the foundation for its huge budget and low network utilization.These flaws have led to Ethereum losing to its main competitors, they lamented.
Foundation executive director Aya Miyaguchi even faces calls for her to resign from the position of foundation head.
Ethereum co-founder Vitalik Buterin said the Ethereum Foundation’s leadership team is changing.
However, Buterin accuses of well-known Ethereum supporters who made vicious remarks about Miyaguchi and other stakeholders.
“If you ‘continue to put pressure’, you’re creating an environment that is harmful to top talent,” Buterin tweeted.
He warned people who disagree to keep their words back on their word or he would not be interested in fulfilling their wishes.
Ethereum rose to $10,000?
To be sure, Ethereum’s outlook is not optimistic.
When its price broke through $3,500 for the first time in November months, analysts thought it might be the beginning of a bigger rally.
Standard Chartered Bank predicts that Donald Trump’s election victory is one of the catalysts that drive ETH to rise to $10,000 in 2025.
Other bullish signs include growing institutional interest in Ethereum and cryptocurrencies.
