Zcash Co-founder "Ethereum is the best of the worst"

▲ Ethereum (ETH)/AI generated image

Eli Ben-Sasson, co-founder of Zcash (ZEC), defended Ethereum (ETH) as “the best of the worst,” conveying a message that developers will not easily abandon the Ethereum ecosystem despite ETF fund outflows and price drops.

According to crypto media outlet U.Today on May 31 (local time), Eli Ben-Sasson, CEO of StarkWare, assessed that the Ethereum ecosystem remains the only viable global standard, even as it is shaken by long-term stagnation and controversies over a lack of leadership. His remarks came as Ethereum simultaneously faces an identity crisis and record fund outflows from US Ethereum spot ETFs.

Ben-Sasson alluded to Winston Churchill's remarks on democracy when expressing the accumulated dissatisfaction within the Ethereum community. He stated, “Attacks on Ethereum have seen many original members accumulate criticism for years, and the continued bear market and lack of leadership across the crypto space are bringing that anger to the surface.” He added that while Ethereum is imperfect, it remains a network that developers are compelled to stick with compared to other options.

U.Today also mentioned that StarkWare, led by Ben-Sasson, is closely related to blockchain scaling technologies such as Zcash, Starknet, and Ethereum. Ben-Sasson showed no doubt about the inherent value and attributes of Ethereum's technology, despite developers' complaints and criticisms. He represented the core understanding among developers that the departure of speculative capital does not undermine the fundamental value of the network.

Price and fund flows continue to burden Ethereum. According to Binance technical data, the ETH/USDT pair fell to around $2,020 in May, hitting a local low. U.Today reported that a net outflow of $712.55 million occurred from US Ethereum spot ETFs over the past three weeks, indicating a clear capitulation sale by institutional investors.

Nevertheless, Ben-Sasson's remarks reflect the view that Ethereum is more than just a price asset; it is a core technological layer upon which the future of decentralized finance will be built. U.Today reported that, irrespective of speculative capital exiting ETFs, Ethereum maintains its irreplaceable status as a technology base upon which decentralized finance continues to be built.

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