Is Ethereum Dead? Not So Fast

Every time Ethereum’s price dips a bit, my cousin Jimothy-who-thinks-one-YouTube-video-makes-him-Satoshi texts me: “Is Ethereum dead? See, I told you bro!” And every time I have to cut him off: no, Jim, I can’t say ETH is dead – but I do know your bags are.

As much as I love to tease him, the truth is the answer isn’t as simple as yes or no. On one hand, it’s almost funny to picture one of the largest cryptocurrencies, still widely traded on every major exchange from Kraken to Binance, being pronounced dead so suddenly. On the other hand, Ethereum does face plenty of challenges and hurdles, which explains why the question keeps coming up.

So before Jimothy hits send on another hot take, let’s break down whether ETH is dead, dying, or just being overly dramatic.

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Is Ethereum Dead? The Quick Answer

No, Ethereum isn’t dead. Or at least, it’s way too early to start writing the obituary.

As of writing, the network is still very much alive. It hosts more decentralized applications (dApps) and developer activity than most other blockchains. Sure, market cycles can make its price performance look shaky at times, especially next to Bitcoin, but “dead” isn’t the word I’d use here.

To borrow a line from Ethereum’s own site:

The leading platform for innovative apps and blockchain networks.

And I’d say that still holds true. Ethereum remains the backbone of Web3. Developers are actively building, users are transacting daily, and ETH continues to play a central role in the broader crypto ecosystem. It’s not a perfect network, but it’s a long way from lifeless.

Beyond the tech and price action, Ethereum is rooted in a set of values that continue to define its role in the space, and in many ways, pioneered them:

• Decentralization. No single entity controls it.
• Censorship resistance. Governments or companies can’t shut it down.
• Equal access. Anyone with an internet connection can use it.
• Direct ownership. You control your assets, not a middleman.
• Open to all. Permissionless innovation for builders everywhere.

But ideals and philosophy only paint part of the picture. To really understand why Ethereum isn’t dead, we need to look at the fundamentals: market position, adoption, and ongoing activity.

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Why Ethereum Isn’t Dead Yet

Ethereum has more lives than a stray cat. Every time the price dips, hot takes fly across blogs, news sites, and social feeds shouting “Ethereum is dead!” or some variation of it.

Here’s one example:

Case in point: Ethereum Obituaries has already recorded 146 death declarations – and counting. Yet somehow, it’s still moving billions in value and powering the same apps my cousin Jim only pretends to understand.

So what’s keeping Ethereum alive and kicking? Let’s break it down.

Market Cap Ranking

If Ethereum were really dead, someone forgot to tell the market because corpses don’t usually come with a half-trillion-dollar price tag. Not even Tutankhamun’s.

As of writing, ETH holds a market cap of about $509 billion, second only to BTC’s $2.28 trillion. It’s almost three times the size of XRP ($178 billion) and more than four times bigger than BNB ($117 billion).

Sure, market cap isn’t the whole story, but it’s not nothing either. It signals where investors, institutions, and traders still see ongoing value.^[1] A network backed by half a trillion dollars isn’t exactly fading quietly into the night.

Does that make it untouchable? Of course not. But calling ETH is dead while it’s sitting at #2 globally kinda stretches the meaning of the word.

The ETF Effect

The approval of spot Ethereum ETFs in the US in 2024 marked a turning point. For the first time, mainstream investors could get ETH exposure directly on stock exchanges like the NYSE and Nasdaq.

For traditional investors, that made things far easier. They could gain exposure to ETH without setting up crypto wallets or memorizing seed phrases. Even my old Uncle Sam could brag to his son that he’s an "Ethereum Moby-Dick" – whatever he means by that.

ETFs also brought a new level of legitimacy. When giants like BlackRock file for ETH ETFs, it sends a clear signal that the network has the attention of the world’s biggest asset managers. If firms at the top of global finance are comfortable treating it as investment-grade, Ethereum isn’t exactly being ignored.

Trading volume backs this up. In just a few days, spot ETH ETFs saw over $1 billion in activity. That kind of demand strengthens liquidity and helps ease some of the price swings that typically define crypto.

Put together, these factors make it hard to argue that Ethereum is dead. A network with Wall Street interest and billions flowing through ETFs isn’t lying in a coffin just yet.

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DeFi Value Locked

Another strong case against the “Is Ethereum dead” argument: most of the decentralized finance (DeFi) protocols still operate on it.

According to CoinLaw, Ethereum holds a dominant 63% of the total DeFi TVL, with over $78 billion locked across its protocols as of July 2025.

That’s nearly two-thirds of all decentralized finance activity on a single network. For comparison, Solana holds about 7%, and BNB Chain sits at roughly 6.4%, less than what’s locked on Ethereum’s top L2s alone.

These numbers point to active, real-world usage. Billions in value move through Ethereum every day, fueling lending platforms, DEXs, yield strategies, and more.

Sure, Ethereum still deals with scalability challenges and high gas fees, but the ecosystem continues to be dynamic and full of life.

Developer Community Size

Blockchains don’t survive on hype alone – they survive on builders. And in that respect, Ethereum still has one of the strongest developer bases in the industry.^[2]

According to the Developer Report, around 24,785 monthly active developers were contributing to open-source crypto projects (as of August 2025). Ethereum ranked second with about 8,200 contributors, just behind the broader EVM stack at 11,725.

That’s quite a big deal. A blockchain can ride on hype for a while, but without developers writing code, fixing bugs, and shipping upgrades, progress eventually stalls. Ethereum, by contrast, has become the default platform for both newcomers and seasoned blockchain builders alike.

If Ethereum were truly dead, its GitHub would be a ghost town. Instead, it’s more like a city under permanent construction – cranes in the skyline, traffic detours, and new buildings going up all the time.

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Major Network Upgrades

Ethereum isn’t stiff or silent. It has direction and keeps reinventing itself with upgrades that push the boundaries of what crypto can actually do.

Each milestone directly addresses long-standing criticisms, whether it’s high energy usage, expensive fees, or scalability bottlenecks. Instead of stalling, Ethereum’s roadmap shows a chain that’s alive, evolving, and future-focused.

One of the biggest turning points came with The Merge in September 2022, when Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS).

Before that, miners ran power-hungry rigs to secure the chain and process transactions. After the upgrade, they were replaced by validators who lock up ETH to keep the system running.

And if you were about to dust off a fancy mining rig, you might freeze for a second: “Wait, you’re telling me Ethereum mining is dead”?

Yep, Ethereum mining is dead with the upgrade. But that was always the plan. The Merge slashed energy consumption by over 99%,^[3] making the network greener, more efficient, and better prepared to scale.

If you’re still set on mining though, there’s always Ethereum Classic. It’s true that it’s less popular than ETH and lags in both price and ecosystem growth, but that doesn’t mean Ethereum Classic is dead. It still has an active community keeping it alive.

But back to the main chain, here’s a quick look at the upgrades that have shaped the network so far, and what’s still ahead:

• The Merge (September 2022). Transitioned to PoS, ending mining and cutting energy use dramatically.
• Shapella (April 2023). Enabled validator withdrawals, making staking more flexible and attractive.
• Dencun (March 2024). Introduced proto-danksharding, slashing L2 transaction costs and fueling faster, cheaper rollups.

• Pectra (May 2025). Improving wallets, boosting staking efficiency, and expanding blob throughput to reduce rollup fees further.
• Fusaka (Planned 2025). Targeted at optimizing data availability (PeerDAS) and making nodes lighter to run without sacrificing decentralization.
• Glamsterdam (Planned 2026). Expected to bring major validator and network performance enhancements.

Taken together, these upgrades paint the picture of a network that’s anything but static. Ethereum is steadily evolving into a faster, cheaper, and more robust platform – not exactly the trajectory of something heading for the grave anytime soon.

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Why People Keep Saying Ethereum is Dead

I’ve already broken down why I don’t think Ethereum is going anywhere anytime soon. But let’s be real, the question “Is Ethereum dead?” has more comebacks than the T-800 in Terminator. And it keeps showing up for a reason.

It’s not just trolls on Twitter or Reddit stirring the pot, or folks chasing the next shiny altcoin. A lot of the criticism is fair, and some of it hits Ethereum right where it hurts.

Underwhelming price performance, painfully high gas fees, scalability headaches, and relentless competition all help feed the idea that Ethereum could be heading for its own molten-metal moment.

So let’s flip the script for a sec. To understand why this question refuses to die, we need to look at the pressure points, the things that keep many doubting Ethereum’s future.

Price Stagnation

Say you’ve been holding ETH for years, pitched as the silver of crypto – the one meant to someday rival Bitcoin’s dominance. Meanwhile, the digital gold breaks past $100K like it’s Tuesday, while ETH... kinda just hangs around.

That, I think, is what drives the stagnation argument. Ethereum’s price history is full of long, quiet stretches and sudden drops that test even the most committed hodlers. During those lulls, when the charts flatten and the hype fades, it’s easy for that little voice to creep in: “Is Ethereum dead? Maybe it is”.

To be fair, that doubt isn’t pulled out of thin air. For a network powering one of the biggest ecosystems in crypto, ETH’s price doesn’t always line up with its influence. Lagging behind Bitcoin and getting outshined by overnight altcoin pumps fuels the idea that Ethereum is losing its edge.

Then came 14 August 2025: ETH hit a fresh all-time high at $4,891. From a technical point of view, that’s proof that the network’s still alive. But the slow, uneven climb to that milestone is exactly why the “ETH is dead” chorus finds new singers every cycle – and why it probably will again.

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High Gas Fees

If you’ve ever sent ETH or swapped tokens at the wrong time of day, you should know the pain. You hit confirm, and suddenly the fee takes a bigger bite than expected. That kind of frustration is a key reason people argue Ethereum isn’t ready for mass adoption.

And to be fair, it’s not an empty argument. As of August 2025, average gas fees on Ethereum Mainnet hover around $0.35. But depending on network congestion, contract complexity, or how quickly you want confirmation, that number can spike fast.

By comparison, Solana typically charges around $0.03–$0.04. At a glance, Ethereum looks overpriced. But context matters: L2s like Arbitrum, Base, and Optimism regularly offer cheaper transactions, often even undercutting Solana’s low fees.

Still, high Mainnet gas costs remain one of Ethereum’s longest-running pain points. Until future upgrades bring those down further, I think the narrative will persist.

Scalability Issues

Gas fees might be the network's most obvious problem, but scalability is the engine behind it all. Ethereum may call itself the world computer, yet most days it feels more like trying to play Roblox on your grandma’s old computer.

On the Mainnet, Ethereum processes around 15–30 transactions per second (TPS) at peak. That’s a bit faster than Bitcoin, sure, but still a long way from the dream of 100,000 TPS.

To its credit, the network hasn’t been idle. The Dencun upgrade in 2024 introduced proto-danksharding, cutting L2 rollup costs and boosting efficiency. Pectra, which landed in mid-2025, added transaction bundling, which is another step toward smoother throughput.

Still, critics argue it’s all too slow. Full sharding and those promised massive TPS gains always seem to be a few years away.

Until Ethereum delivers the kind of scalability it’s pitched for years, critics will continue to point to the gap between ambition and execution as a reason to doubt its future.

Reliance on L2 Solutions

Ethereum’s scaling story today is less about the Mainnet and more about L2s. Instead of boosting throughput on the base chain, the network leans on rollups like Arbitrum, Optimism, and Base to handle most of the activity.

And while that’s kept the ecosystem running, it’s also raised a few eyebrows.

First, there’s fragmentation. With usage spread across multiple L2s, liquidity gets scattered. Traders and dApps can run into thinner markets, more slippage, and less efficient execution.

Then comes complexity. Jumping between rollups means dealing with bridges, extra fees, and unfamiliar interfaces. That added friction can turn a simple task into a confusing one.

And perhaps the most concerning issue is security itself. Bridges, the infrastructure used to move assets between L2s and Mainnet, have been vulnerable to hacks.^[4] Even if rollups inherit Ethereum’s core security, those bridges often introduce new risks.

So yes, relying on L2s keeps Ethereum from choking on demand. But the concerns around fragmentation, added complexity, and security gaps are valid – and they continue to fuel questions about the network's long-term health.

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Rising Competition

When you launch a brilliant idea, you can bet you won’t be the only one running with it for long. Ethereum pioneered general-purpose smart contracts, but high fees, slower speeds, and scaling limits cracked the door open for rivals eager to improve on the blueprint.

Over time, a whole lineup of so‑called Ethereum killers has emerged. Each one claims to tackle Ethereum’s weaknesses while adding its own flavor:

• Solana (SOL). Known for high throughput and ultra-low fees, claiming up to 65,000 TPS under ideal conditions.
• Cosmos (ATOM). Designed for interoperability, enabling independent blockchains to connect via the Cosmos Hub.
• Sui (SUI). Optimized for fast finality and high-performance smart contracts, using the Move language and an object-centric data model.

• Avalanche (AVAX). Built for speed and scalability, offering thousands of TPS and near-instant finality through its consensus protocol and multi-chain design.
• Cardano (ADA). Based on a research-driven approach, aiming for scalable, sustainable, and secure smart contract development.
• Polkadot (DOT). Focused on interoperability through its parachain model, connecting diverse blockchains into a unified network.

What these networks share is the benefit of being newer. Many launched with higher base throughput right out of the gate, making Ethereum’s Mainnet feel sluggish by comparison.

While Ethereum still leads in market value and adoption, the competition keeps raising the bar. That ongoing pressure is what makes people wonder whether its best days are behind it – and if the network is slowly drifting toward the grave.

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Is Ethereum Still Worth It?

By now, you’ve probably figured out that the whole “Ethereum is dead” narrative is a bit exaggerated, though not entirely baseless. Still, recognizing that it’s not going six feet under anytime soon and deciding if it deserves a spot in your portfolio are two very different things.

Before jumping to conclusions, let’s pause for a second. Ethereum has undeniable strengths, but it also faces serious challenges and rising competition. That combination is what makes this a tough call.

So instead of forcing a verdict, let’s break it down with a clear look at the pros and cons:

Table: ETH pros and cons.

Seeing both sides laid out like this should give you a better sense of what to do next. Because when it comes to financial decisions, the real question isn’t “Is ETH dead?” – it’s whether Ethereum’s current state and direction align with your own goals, risk tolerance, and time horizon.

Beyond the pros and cons, here are a few questions worth asking yourself:

Work through that checklist, and the whole debate should become less noisy. Instead of getting swept up in narratives, you’ll have a clearer compass for whether ETH belongs in your wallet or stays on your watchlist.

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Conclusions

So, is Ethereum dead? No, at least not anytime soon. As of writing, it’s still the backbone of countless NFTs, dApps, and DeFi protocols, supported by deep liquidity and one of the most active developer communities.

That said, the concerns aren’t just noise. High fees sting, scaling has been clunky, and faster-moving chains have taken advantage of the upgrade delays. Those cracks are exactly what keep the “Ethereum is dead” narrative coming back.

Either way, the smartest move is to keep a close eye on its progress, on both the tech roadmap and market behavior.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Mungo L., Bartolucci S., Alessandretti L.: ‘Cryptocurrency Co-Investment Network Token Returns Reflect Investment Patterns’;

2. Ungureanu P., Bellesia F., Cochis C.: ‘Dealing with Blame in Digital Ecosystems The DAO Failure in the Ethereum Blockchain’;

3. Kapengut E., Mizrach B.: ‘An Event Study of the Ethereum Transition to Proof-of-Stake’;

4. Belenkov N., Callens V., Murashkin A., Bak K., Derka M., Gorzny J., Lee S.-S.: ‘SoK A Review of Cross-Chain Bridge Hacks in 2023’.