Bankless: This cryptocurrency cycle has overlooked Ethereum.

Author: David Hoffman, Source: Bankless, Translated by: Shaw Jinse Finance

About two years ago, Ryan and I spoke with Chris Burniske on the phone after we had just recorded a podcast episode with him.

Chris has been a mentor to Ryan and me in the cryptocurrency space, as we both entered the field to try to understand, classify, define, and model this inherently unknown industry.

He said something on the phone that neither Ryan nor I wanted to hear: "**This cycle might skip Ethereum entirely.**"

Ultimately, that's exactly what happened. Leaving aside the debate about cycle dynamics and timing, **most on-chain activity over the past few years has been unrelated to Ethereum, and the price of Ether reflects this.** This is probably how Bitcoin holders felt in 2021. Bitcoin performed exceptionally well during the NFT craze—it was seen by institutional investors as a hedge against currency devaluation and government fiscal mismanagement. But in terms of retail market favor and on-chain activity, Bitcoin was considered an outdated cryptocurrency and ignored. You can't do anything on Bitcoin; all transaction activity is concentrated on Ethereum. In the last cycle, Ethereum was the absolute star. The recent wave of development in the cryptocurrency space has replicated the same pattern, except this time Ethereum is being ignored, and all activity is concentrated on Solana. It's worth noting that Bitcoin has also seen a significant rebound in cultural influence and popularity. Despite some much-needed fixes for Ethereum, overall market sentiment has failed to truly return to optimism—perhaps it has merely escaped despair. The Digital Asset Treasury (DAT) delivered a major victory for Ethereum in this cycle, even as we now suffer its negative consequences. But all in all… the cycle of skipping Ethereum seems to be over. Despite a decline in market share and momentum, Ethereum remains the undisputed number one smart contract chain. No other chain poses a threat. Moreover, unlike all other smart contract chains, only Ethereum has an origin story similar to Bitcoin's—a perfect Initial Coin Offering (ICO), a chaotic start, and a completely non-corporate operating model for the Ethereum Foundation. Ethereum possesses a unique characteristic that no other blockchain can replicate—in a sea of ​​high-performance smart contract chains… there will always be only one Ethereum. To pave the way for 2026, Larry Fink's economist article on tokenization has paved the way for Ethereum to experience a cultural renaissance, similar to Bitcoin's after a cycle devoid of Bitcoin. I remain cautiously optimistic… and there are many favorable factors that could emerge for Ethereum in 2026. Let's wait and see.