Eli Ben Sasson, co-founder of Zcash and CEO of StarkWare, offered a pragmatic defense of the Ethereum ecosystem, explaining why developers are not abandoning the second-largest cryptocurrency by market capitalization despite the industry’s lingering crisis. This statement comes amidst a massive identity crisis in Ethereum and record capital outflows from spot ETFs related to altcoins.
The industry faces a clear mental divide. Disillusioned by the lack of global leadership, market veterans are leaving the industry in droves, while traditional financial institutions continue to co-opt the industry, destroying crypto’s original rebellious narrative.
Commenting on the growing discontent within the Ethereum community, Ben Sasson paraphrased Winston Churchill’s famous quote about democracy.
Attacks on Ethereum: Many OGs have accumulated criticism over the years. The continued bear market and lack of leadership in cryptocurrencies in general are bringing this anger to a head.
Where should I sit? Churchill: “Ethereum is crap, its only advantage is…
— Eli Ben Sasson | Starknet.io (@EliBenSasson) May 31, 2026
In the context of this statement, the head of StarkWare, whose team itself is working on blockchain extensions including Zcash, Starknet and Ethereum, emphasized that he has no doubts about the unique properties and value of this technology. According to him, despite all the complaints and complaints from developers, Ethereum remains the only viable global standard.
Look Beyond Ethereum’s $2,020 Price Floor
Ben Sasson’s comments come at the same time as strong pressure on asset prices. According to Binance technical data: $ETHThe /USDT pair hit a local low in May and corrected to around $2,020. The decline was accompanied by the capitulation of institutional investors, with net outflows from U.S. Spot Ethereum ETFs reaching a record $712.55 million over the past three weeks.
Nevertheless, the Zcash co-founders’ position reflects an important consensus among developers that the flight of speculative funds from ETFs does not affect the fundamental value of the network.
Ethereum remains the irreplaceable technology layer upon which the future of decentralized finance will continue to be built.
