Ethereum wants to be everything - settlement layer, DeFi backbone, NFT platform, deflationary store of value. Bitcoin picked one thing. Solana picked one thing. Ethereum picked all of them, which means its narrative changes depending on who's selling it to you.
That indecision shows up everywhere: every EIP debate, every L2 argument, every "is ETH money?" fight that's been running since 2017.
The Merge was supposed to settle the ultrasound money thesis. It didn't. ETH is still underperforming BTC this cycle, and the L2 fragmentation problem, Ethereum eating its own fee revenue - isn't going away.
Ethereum doesn't die. But it spends another 3 years being the most technically impressive asset nobody can pitch in one sentence.
