Ethereum may still be the second-largest crypto network in the industry, but according to Dragonfly Capital Managing Partner Haseeb Qureshi, the ecosystem is facing an identity crisis.
Speaking on the Milk Road podcast, Qureshi compared Ethereum to “the Microsoft of crypto”, massive, enterprise-friendly, deeply important, but no longer viewed as the fastest-moving innovation hub in the market.
“Ethereum is very big, it’s very slow, it’s very enterprise-friendly, doesn’t have the best UX, it’s not the first to innovate on anything at this point, but it’s extremely important and irreplaceable, and it’s worth a lot of money,” he said.
The discussion comes after multiple departures from the Ethereum Foundation and fresh debate around Ethereum’s long-term direction.
Qureshi argued that recent comments from Vitalik Buterin were bearish for ETH because they reinforced that the Ethereum Foundation does not want to become a “number go up” organization focused on price, aggressive expansion, or commercialization.
Instead, Vitalik continues prioritizing decentralization, censorship resistance, security, and credible neutrality.
According to Qureshi, that leaves Ethereum without a strong organization focused purely on adoption and ecosystem growth.
“What Vitalik is softly calling for is almost a second foundation,” Qureshi explained.
He said Ethereum may now need a separate organization dedicated entirely to business development, institutional adoption, marketing, partnerships, and helping Ethereum compete commercially.
Qureshi pointed to the Solana Foundation as an example of how aggressive ecosystem support can accelerate adoption.
He noted that much of Solana’s growth came from the foundation’s focus on entrepreneurs, commercialization, partnerships, and ecosystem expansion.
Meanwhile, Ethereum’s leadership appears increasingly focused on protocol stewardship and long-term research instead of competitive market growth.
Despite the criticism, Qureshi stressed that Ethereum remains one of the largest and most important assets in crypto.
He highlighted that the network still carries a roughly a $270 billion valuation and remains larger than the combined value of most public crypto companies outside stablecoin issuers.
“Ethereum is worth more than 20 Hyperliquids,” he said.
For Qureshi, Ethereum’s next major comeback may depend on whether a new organization eventually emerges to focus entirely on adoption, commercialization, and helping Ethereum “win the game” while the Ethereum Foundation continues protecting the network’s core values.
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