Can Ethereum Still Win? | Roundup

Watch on YouTube ↗  |  May 22, 2026 at 13:00  |  33:57  |  Bell Curve
Speakers
Myles O'Neil — Guest
Mike Ippolito — Co-founder, Blockworks

Summary

Mike Ippolito and Myles O'Neil discuss Ethereum's existential challenges, centered on the Ethereum Foundation talent exodus, ETH's declining market share versus Solana and Hyperliquid, and the shift toward a revenue-focused crypto market. They debate whether Ethereum can remain influential without ETH price appreciation and whether an economically aligned organization could fix value capture. Myles outlines a Red Hat-style opportunity for L2s such as Arbitrum and Optimism to serve enterprises building on Ethereum, while Mike frames the current path as making an independent commercial layer more likely.

  • Ethereum Foundation has seen multiple high-profile departures.
  • Hosts say ETH is losing net new activity and market share to Solana and Hyperliquid.
  • The discussion highlights a crypto shift toward revenue and commercial execution.
  • Vitalik's influence and EF direction are seen as obstacles to value capture.
  • Dankrad Feist proposes a funded, ETH-aligned organization.
  • Myles pitches Arbitrum/Optimism as a Red Hat-style enterprise layer for Ethereum.
  • Mike sees two paths: EF-led commercial reset or independent L2/org filling the gap.
  • Bitcoin and crypto broadly are noted as facing their own repricing risks.
Ideas
Myles O'Neil Guest 4:11
Ethereum lacks value capture and leadership.
Ethereum's core problem is people/culture and leadership: the Ethereum Foundation under Vitalik has repeatedly frustrated commercially minded factions, and the current direction makes Ethereum look like Linux—useful and Lindy, but opting not to capture much value. Talent is leaving, and even if the ecosystem remains important, the ETH asset does not have to go up without an economically aligned organization.
ETH HIGH
Mike Ippolito Co-founder, Blockworks 9:13
ETH losing share on weak urgency.
ETH is losing net new activity and market share to more aggressive competitors such as Solana because EF leadership lacks urgency and treats continued relevance as success. The EF has not pushed commercial BD, app-layer building, DC engagement, or redirecting network revenue to an ETH-holder-aligned entity; Mike is open to the idea Ethereum can win while ETH price stays weak.
ETH HIGH
Myles O'Neil Guest 13:11
Solana, Hyperliquid lead commercial revenue shift.
The market has shifted toward a practical commercial and revenue-focused mindset. Solana and Hyperliquid were ahead of that shift, are beating Ethereum on payments and net new growth, and are the teams doing best today.
SOL HYPE MED
Myles O'Neil Guest 19:41
L2s can be Ethereum's Red Hat.
Layer 2s, especially Arbitrum and potentially Optimism, can become the Red Hat to Ethereum's Linux by packaging enterprise-grade services—easy UX, lower cost, white-glove BD, and a sequencer/MEV fee model—for fintechs, banks, and asset managers that want to build on Ethereum. This requires a risky positioning shift to emphasize 'building on Ethereum' rather than a separate ecosystem, but if done it is a huge opportunity; Red Hat's $60B sale shows the valuation upside.
Layer 2 tokens ARB OP HIGH
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This Bell Curve video, published May 22, 2026, features Myles O'Neil, Mike Ippolito discussing ETH, SOL, HYPE, Layer 2 tokens, ARB, OP. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Myles O'Neil, Mike Ippolito  · Tickers: ETH, SOL, HYPE, Layer 2 tokens, ARB, OP