Justin Bons, the outspoken founder and CIO of Cyber Capital, has stirred crypto twitter with a salvo of tweets scorning the Ethereum ecosystem. The former Ethereum supporter, now turned critic, unnerved several crypto enthusiasts with his claims that the blockchain was cooked.
He argued that self-interest had led Ethereum to prioritize the development of layer two (L2) chains over scaling its base layer (L1). Consequently, the blockchain had slid into Bitcoin’s irrelevance, effectively moving it beyond salvage.
Bons tweeted:
1/9) Ethereum is cooked
— Justin Bons (@Justin_Bons) October 28, 2024
Corrupted by L2 VC funding & tokens, nobody is scaling ETH's L1 anymore; they will not allow it!
That is why there is no hope left for ETH anymore
Following the bitcoiners into irrelevance with quasi-religious word salads justifying their mediocrity: 🧵
Again, he bemoaned the sad end of what he described as a beautiful chain that had promised to change the world. He also tore into Ethereum’s L2s, which he accused of being capable of stealing, censoring, and freezing users’ funds. These fragmented and centralized L2s, Bons said, only exacerbated users’ plight, making a case for the Solana (SOL) blockchain, which he termed superior.
Crypto twitter claps back at Justin Bons’ ETH attack
As if anticipating a backlash from the crypto community, Bons ended his tirade, inviting them to an X space to either fight or cry with him. And true to his expectations, the responses were thick and fast.
Many of the responders were quick to discredit Bons’ assertions. One X user, AdrianoFeria.eth, for instance, mocked Bons for living in a parallel universe. He insisted that L2 chains couldn’t be bearish only on the Ethereum L1 blockchain; rather, they would be so for all other alt L1s.
He also discounted Bons’ claims that SOL was the fastest-growing platform in crypto. The X user argued instead that L2 growth was outpacing any other network’s development in the space. Besides, the L2s were still using ether (ETH) to pay for blobs, and Ethereum was still attracting growing institutional partnerships.
Other responders were, however, less conciliatory. Several of them suggested Bons’ view was biased by his shilling of SOL and other alt chains, which he denied. Some also chided him for his largely negative takes on crypto developments. A handful, however, agreed with his analysis.
Bons is no stranger to controversy
Bons is a regular commentator on the crypto space. His outspoken nature means he’s never far from courting controversy. For instance, he has labeled Bitcoin a dinosaur blockchain and, therefore, a failure.
Moreover, some of his most scathing remarks have been against the Ethereum ecosystem he once rooted for. He paints the platform as tainted with corruption and fraud, which impede its progress.
He has also made headlines for suggesting that the stablecoin project Tether is a more elaborate scam than FTX. Again, he has had trouble with the Cardano and Solana projects for indicating that they are centralized and misrepresenting their throughputs.
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