Ethereum has been facing criticism from both within and outside the crypto community, with some analysts questioning its long-term viability as an investment asset. Venture capitalists have turned away from ETH, citing a lack of user growth, decreased chain activity, declining revenue, and poorly calibrated tokenomics as contributing factors to the drop in value. While Ethereum has benefited from Layer-2 solutions like Arbitrum and Optimism, these developments appear to be siphoning off significant value, impacting the overall growth potential of the network. Additionally, EIP-1559’s deflationary promise is no longer holding true, leading to net issuance increase. This raises questions about the future of Ethereum as a deflationary currency. Ethereum Foundation is attempting to rectify this situation with a roadmap focused on L2 security and finalization, aiming to boost network interoperability and attract developers back. However, the success of these efforts remains uncertain, as long as the main network struggles to capture more value, its position in the market might remain unchanged. Will Ethereum evolve into a more robust investment asset or will it remain relegated to an infrastructure tool?