Ethereum was a hit during a decade of non-stop-up time. Zero stops. There was community hype, but critics say L2S is not as decentralized as it is being promoted. Derivative data points to bullish momentum, with ETH open interest reaching a record $57.7 billion.
Ethereum hit a rather wild milestone. 10 years online, non-stop. There is no one second of planned or unplanned downtime. There is no maintenance window. There is no off switch. That’s a bit weird in a world where even giants like AWS and Facebook take naps. But not everyone is pop champagne during the busy Ethereum Foundation’s busy confetti.
Certainly, the data shows sharp spikes in derivatives. Open interest amounts to a record $57.7 billion. That alone makes the market bustling. But why not scroll through Crypto Twitter now? You will find plenty of skeptics with their eyebrows raised.
Uptime like other (literally)
The Big Flex: Start with 24/7 uptime hours over a decade. There are no crashes. No stopping. It’s just a non-stop block and no CEO is required. One post from a contributor to the Ethereum Foundation has made it best viral:
“…not because someone saved it, because we all did it.”
Vitalik himself reposted it. The community atmosphere was strong. Someone else rang:
“This cycle is inevitable, where we still hold our ETH at 10K.”
Another user posted it,
“I jumped into Ethereum last year and felt very inspired by the community!”
But not everyone is rooting for you.
Skeptics are bigger than ever
As fans celebrate, critics steal the moment, especially about decentralization. One dull post has now looked like this:
“Not only has Ethereum gone down, it has stopped coating sugar. All L2 TXNs are legally in escrow.”
Another user dropped a more severe jab:
“It was supposed to be the computer of the world… the world can’t buy $100 per TXN.”
The discussion of Layer 2 is getting heated. Are they really decentralized? It depends on who you ask, but it’s getting loud.
Meanwhile, ETH derivatives are booming
Regardless of X’s confusion, the market doesn’t seem to be scary. ETH open interest is blowing up its all-time highs. The funding rate is marked at a maximum of 0.0134. This usually means that traders bet more upside down.
Those spikes? It happened in the last few days of July. Even though discussions about regulations are approaching and the drama of decentralization is woven, the market is leaning and bullish.
Yeah, Ethereum turns to 10 with a strange mix of proud tweets, angry posts and billion-dollar bets. I think it’s business as usual.
Post Ethereum is 10.
