Bankless founder's clearance confession: Why did he choose to sell all his ETH? One of the biggest news in the cryptocurrency industry recently is that Bankless co-founder David Hoffman announced the sale of his ETH. As a die hard fan who has been cheering for Ethereum all year round, and even established his entire career and identity on the Ethereum ecosystem, this decision instantly ignited the entire network. But he explained that the liquidation was not because he was bearish on Ethereum's technology and future, but because of a cruel truth: the narrative that "ETH is currency" is completely outdated. This long article breaks down the core logic behind his clearance: 1. Dream shattered: The conditions for becoming a currency are too strict. In order for ETH to truly become a global currency, the entire ecosystem needs to achieve extremely perfect coordination: L2 must obey and deeply bind with the mainnet, the technical roadmap must be implemented on time, and absolute pressure on competitors must be maintained at all times. Ethereum is indeed strong, but in order to be flawless at all levels, the fault tolerance is too low. The current Ethereum has missed the best window period for market reassessment. 2. Cruel reality: The revenue from transaction fees is depleting the value of public chain tokens, and the core depends on transaction fees. In 2021, ETH relied on its absolute revenue monopoly to support its price, but today, as the blockchain space is commodified and the mainnet transaction fees approach zero, profit margins are being crazily drained by L2 and upper level applications. Ethereum has achieved L2 and DApps by sticking to the ecosystem at cost price, but it has not empowered the ETH coin price itself. 3. Unexpected outcome: Working people who have become dominant in the US dollar initially dreamed that cryptocurrency could overturn traditional finance, but the reality is that the industry's reputation is dragged down by various scams, and there are few narratives that truly break the circle. The most successful landing application of Ethereum is actually the issuance of over 160 billion US dollars in stablecoins. This not only failed to make ETH itself a hard currency, but also became the underlying infrastructure for consolidating the dominance of the US dollar. 4. Final thinking: Greatness belongs to Ethereum, but profits do not belong to ETH. David believes that Ethereum is more like an extremely great and noble open-source non-profit organization. The original intention of its architecture is to give back resources to the ecosystem, rather than demand from the ecosystem. The big application theory means that the application has taken away the transaction fees, and the roadmap centered around Rollup means that L2 has taken away 97% of the profits. The Ethereum network will still be extremely successful in the future, but only a very small part of this success will be reflected in the price of ETH. So he sold ETH not because he was bearish, but because ETH had reached its expected valuation ceiling. Since the story of 'ETH as currency' has been told and verified, smart money will naturally choose to leave and seek the next opportunity with more potential in the market.