In this bull market cycle, the performance of Ethereum has been the weakest. As the second-largest cryptocurrency by market capitalization, Bitcoin hasn't even broken through the peak of the previous bull market. This is indeed quite puzzling. Starting from the current situation, the number of Ethereum developers is still the largest among all public blockchains. However, the innovation of Ethereum has even stagnated in recent years. Apart from the continuous emergence of Ethereum Layer 2 networks, these have not provided any positive impact on the price of Ethereum. Instead, they are continuously siphoning off the value from Ethereum.