been seeing more takes that a big reason for ETH's poor performance this cycle is because of the decline of NFTs. While NFTs did play a part in ETH's last bull run, it was really only the last 2x (ETH was at $2500 around the time NFT summer started). It was DeFi that really put ETH on the map, and made it the best place to launch said NFTs because of the available liquidity.

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Building https://www.keypo.io/. Author of Crypto Daily and Crypto Weekly with @maaria. Join me in DaveDAO (https://warpcast.com/~/channel/davedao)

would love to know @emodi and @kayvon's take on this

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I don't view ETH as Bitcoin. It's not designed to endlessly go up in value as a hedge against inflation.

It's a utility token that enables you to write to the chain to do things you consider useful.

I’m intrigued though not 100% sure what you’re saying @serdave-eth