V神 personally triggers Ethereum nuclear explosion! L2 collective collapse warning, is $1800 the true value of ETH?

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Breaking news early morning! Ethereum's key figure V神 publicly sends a deadly signal, potentially rewriting the rules of the entire crypto world.

This morning, a heavyweight article by Ethereum co-founder Vitalik Buterin essentially drops a "strategic nuclear bomb" on the massive ecosystem he helped build. His core disruptive view directly shakes the foundation of the past four years' most central wealth narrative in the crypto space: the historical mission of Ethereum Layer 2 scaling solutions (L2) has come to an end.

This is not just a technical upgrade; it’s a “massacre” of value logic.

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Nuclear core: L2 narrative uprooted, trillion-dollar market cap logic instantly evaporates

Over the past four years, the frenzy in Ethereum and the entire crypto market was largely built on the perfect story of “mainnet congestion - L2 solutions - unlimited expansion - everything grows.” Projects like OP, ARB, ZK, STRK… each carried billion and hundred-billion valuation dreams.

However, today V神 personally tore apart this blueprint. His core logic is simple: the mainnet’s scaling progress has already achieved substantial breakthroughs, transaction fees have dropped to acceptable levels, and the fundamental reason for L2’s existence is rapidly disappearing.

What does this mean?

1. Warning of L2 token value dropping to zero: these projects’ long-term investment logic is directly invalidated by their ecosystem’s creator. They suddenly shift from “cornerstone of the future” to “expensive redundancy.” Massive valuations lose their fundamental support, and a brutal revaluation and capital flight are likely unavoidable.
2. Ethereum’s growth story faces a hard turn: from the exponential growth model of “mainnet + L2 = unlimited expansion,” to a stock-maintenance model of “mainnet is sufficient.” For the capital markets that crave growth, this is equivalent to the engine stalling, and valuation models must be fully adjusted downward.

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Leadership crisis erupts: how genius paranoia destroys a hundred-billion ecosystem?

V神 is undoubtedly a technical genius, but as the “captain” of Ethereum’s massive ship, his leadership has long been controversial. This “table-flipping” act pushes that controversy to the limit.

Looking back, the early core team’s mass departure has already shown signs: Gavin Wood (Polkadot DOT), Charles Hoskinson (Cardano ADA), and others establishing their own factions is no coincidence. This reflects V神’s long-term neglect in ecosystem governance, strategic coordination, and利益平衡.

Even more deadly is his market timing: during Ethereum’s sharp decline and fragile market confidence, instead of uniting the ecosystem and boosting confidence, he throws out long-term negative news that could fundamentally overturn perceptions. This confirms a cruel truth: the correctness of a technical path does not necessarily equate to market value success, and may even come at the cost of short-term bloodshed.

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Unmasking the emperor’s new clothes: what is ETH’s true value?

Peeling away layers of technical halo and financial packaging, we must calmly examine Ethereum’s core issue: real application demand cannot support its exaggerated valuation of hundreds of billions of dollars.

Last year’s surge had little to do with ecosystem application explosions; its core driving force was straightforward: expectations for spot ETFs and Wall Street institutional allocations. This was a “dimensionality reduction attack” driven by traditional financial liquidity, not a victory for decentralized applications.

When the speculative tide recedes and the L2 story can no longer be sustained, how should ETH be priced?

Key valuation anchors have already emerged:

· Looking back at the last cycle’s lows, ETH once touched the $1300 range.
· Considering its actual network revenue, market share, and the shattered growth narrative, $1800 may be closer to its fundamental, sustainable spot value. Any valuation far above this is filled with excessive financial bubbles and narrative premiums.

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Crypto market earthquake: how should your assets hedge?

This “self-revolution” initiated by the ecosystem core will trigger a series of chain reactions:

1. L2 projects will face life-and-death tests: short-term panic selling may occur. Unless they can rapidly transform and prove irreplaceable new value, most projects will enter a long process of value reversion.
2. Competing public chains will seize this golden opportunity: Solana, Avalanche, Ton, and other high-performance chains, as well as multi-chain ecosystems like Polkadot and Cosmos, will fiercely compete for developers and users. Ethereum’s “orthodox” moat begins to crack.
3. Market style will shift sharply: funds will panic out of complex L2 ecosystems, some may flow back into BTC seeking refuge, others will scramble for the next “grand narrative.” Market volatility will intensify dramatically.

Conclusion: V神’s latest statement is not just a technical discussion but a strong strategic turn and risk warning. It marks the end of an era dependent on L2 narratives and forces all investors to re-evaluate the intrinsic value of every Ethereum ecosystem asset with the coldest eyes.

Bull markets are born in celebration, bear markets build bottoms through doubt, and collapses often stem from the self-destruction of faith pillars. This time, the beginning of the collapse comes from the highest point.