Why is this round of bull run for ETH so weak???

The core value of Ethereum is essentially an asset issuance platform. Looking back at the past few cycles, whether it's ICOs, DeFi, NFTs, or GameFi, the core logic is always 'issuing new assets', followed by the process of trading, liquidity, and price discovery. However, the competition in asset issuance platforms is becoming more intense today, especially with new assets like meme coins being born more on chains like Solana, challenging Ethereum's market share.
At a deeper level, the problem is that the lack of new asset issuance means insufficient incremental users, reduced market activity, directly affecting the ecological prosperity of Ethereum. From another perspective, if Ethereum is compared to a company, then its 'growth' is difficult to achieve as expected, the user growth is weak, which naturally affects trading activity and on-chain economy.
What's more noteworthy is that Ethereum's proudest feature of 'decentralization' is almost imperceptible to ordinary retail investors. Those who truly care about decentralization are mainly large institutions, core project parties, and geek users. While their volume is large, it may not necessarily directly translate into high transaction fee income. For example, even if ten Rolls-Royces run on the highway, the toll they contribute is still far lower than the traffic of one thousand Wuling Hongguang.
In this round, Ethereum lacks innovation. There are no new stories to tell after the ETF, and the deception can't go on. The gameplay of the past few rounds is essentially a Ponzi scheme, so the market is always looking for new narratives—because the old model is unsustainable, and it must rely on new stories and concepts to attract incremental funds. However, now the industry's focus is gradually shifting to real income and RWA (real-world assets), hoping to support the market with a more solid economic foundation.
However, the problem is that once the industry starts to 'get down to earth' and follows the traditional valuation models and business logic, many things may become less attractive and it may be difficult to ignite the FOMO emotion again. After all, real-world growth is often slow and rational, while the frenzy of Crypto is built on rapid growth and uncertainty.

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