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Bankless

Why is ETH Down So Bad this Cycle? | Kyle Samani

Bankless

[email protected]

Tech News, News, Technology

4.81.1K Ratings

🗓️ 26 August 2024

⏱️ 71 minutes

🧾️ Download transcript

Summary

SOL/ETH is up 300% YoY and ETH/BTC is down 50% over the last 2 years. Why is that? Why is ETH underperforming so bad?

Kyle Samani is the Managing Partner & Co-Founder at Multicoin Capital. Kyle and Multicoin have been one of the largest investors and proponents of Solana. They have been spearheading the ‘integrated blockchain’ investment theses even before the success of Solana redefined that corner of crypto.

This episode is not intended to be a debate like the Anatoly vs Justin Drake one. Ryan and David are mostly going to sit back and hear Kyle’s perspective and reasoning as to why ETH has been down so bad in this crypto cycle. Enjoy!

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TIMESTAMPS

0:00 Intro
5:40 Ethereum in a Vacuum
10:10 ETH Vs. BTC
25:50 Broken Layer2 Interoperability
34:46 Value Capture
51:46 What Needs to Change
55:23 Decentralization
1:06:34 Solana
1:12:25 Steelmanning Ethereum
1:17:49 Closing & Disclaimers

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RESOURCES

Kyle Samani
https://x.com/KyleSamani

Multicoin Capital
https://multicoin.capital/

Paths To Tens Of Trillions Blog Post
https://www.linkedin.com/pulse/paths-tens-trillions-kyle-samani/

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Transcript

Click on a timestamp to play from that location

0:00.0

Kyle, I want to give you a simulation.

0:02.0

All of your bags magically turn into Eath.

0:05.0

The only thing that you hold now is Eath.

0:07.0

That's called a nightmare, not a dream.

0:09.0

What do you do next? Welcome to Bankless.

0:19.0

We're explored the frontier of Internet money and Internet finance.

0:22.0

And today on this show we are exploring the frontier of internet money and internet finance and today on this show we are exploring

0:23.9

the frontier of why the Eath price action has sucked so bad for at least a year it's bad

0:30.0

it's bad yeah just put some numbers on it soul Sol Eath is up 300% year over year. Eath, B. C is down 50%

0:36.2

over the last two years losing a half of its market cap valuation versus Bitcoin in the last two years.

0:41.6

And we went on a quest to answer the question why?

0:46.0

And so we were looking around and me and Ryan were like, all right, who's the right guest to help answer this question?

0:50.0

And a light bulb just came to one of us and turns out it's Kyle Sammarn to answer this question.

0:55.3

You know Eve Holders are in shambles when we go to Kyle.

0:58.9

This episode, Bankletation, is intended to be more of a listening episode.

1:05.0

Ryan and I are here to kind of just sit back and hear Kyle's perspective

1:08.0

and reasoning as to why Eath is underperforming

1:11.0

to see what there is to learn. This isn't Anatole

1:14.4

versus Drake, this isn't Ryan and David versus Kyle. Right now the current

1:18.2

valuation around the price action of Solana suggests that Kyle and the Solana

1:22.1

investment thesis has been more correct

1:24.6

than what earlier years of banklets would have suggested and we want to discover why.

...

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