Stop treating Ethereum adoption as a referendum on ideological purity.
@vitalik.eth’s recent concerns about "losing the ethos" are valid, but they miss the structural reality of what ETH has become.
https://wamougayar.xyz/diversity-is-not-dilution
What will ETH’s % dominance be in 2026 vs. BTC vs. ALTs?
Read my prediction:
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Over the past three years, crypto market structure has undergone a clear reordering. Bitcoin’s dominance rose sharply—from roughly 39% at its lows to as high as 65%—as markets increasingly recognized Bitcoin as a category of its own: a “special snowflake” asset positioned as digital gold. That re-rating came largely at the expense of the rest of the market.
At the peak of Bitcoin’s dominance surge, Ethereum’s share fell materially, declining from approximately 18% to a low near 9%. This wasn’t a rejection of Ethereum’s fundamentals, but rather a reflection of capital concentrating around the clearest, simplest narrative during a risk-off phase.
What’s notable is what has happened since.
Over the past few months, Ethereum’s dominance has been steadily recovering, recently reaching 14%, while Bitcoin’s dominance has eased to roughly 57%. This shift suggests the market is beginning to differentiate again—moving beyond a single-asset safety trade and re-engaging with structural fundamentals.
Looking ahead, the more likely trajectory is not a reversal of Bitcoin’s status, but a rebalancing of dominance. Bitcoin is expected to remain the anchor asset, stabilizing in a 45–50% range. Ethereum, however, appears positioned to continue gaining share as its role as economic and settlement infrastructure becomes clearer, with a plausible path toward roughly 25% dominance sometime in 2026.
If that reallocation plays out, it implies a necessary compression elsewhere. The broad altcoin category—which expanded during periods of speculative excess—would suffer the most and likely shrink from roughly 28% of the market to a more sustainable 20–25% range.
In other words, this is not about the market maturing—recognizing that crypto is no longer one trade, but a system with distinct assets serving distinct economic roles.
Re-engineering trust is the highest level blockchain value proposition. Way higher than transaction speed or fees earned. And way more difficult to achieve.
https://wamougayar.xyz/trust-is-the-product
The dot-com crash wiped out bad businesses.
Crypto crashes don’t. Only fraud seems to kill crypto projects.
Zombie chains and tokenized garbage fake life, never die, and choke the oxygen out.
That’s a structural drag on the whole industry.
A clear shift is underway: crypto’s next era will be driven by measurable fundamentals, not narratives — with DeFi, corporate-style chains, Bitcoin, and Ethereum each revealing distinct valuation models for a maturing industry.
https://wamougayar.xyz/the-fundamentals-are-coming-to-crypto
Valuing Ethereum like a corporation is the original category sin. It’s TCP/IP with a price.
If TCP/IP had a token, it would have been the most valuable asset in human history. Ethereum is the closest we’ll ever get to that counterfactual.
