The Ethereum-focused media platform Bankless, known for its loyal community following and insightful interviews with industry leaders, recently sparked heated debates with its bold declaration: "ETH is money." While many cheered this long-standing slogan, others strongly disagreed—including key Ethereum developers.
Ethereum Core Devs: "ETH Was Never Meant to Be Money"
Péter Szilágyi, leader of Ethereum's development team, countered:
"ETH was never money. ETH exists to power a decentralized world, which inherently gives it value. That said, no OG wants ETH to be money. Bring forth the tar and feathers!"
(Note: The phrase references a historical public shaming practice—highlighting Szilágyi’s willingness to face criticism for his stance.)
Bankless Fires Back: "OG Opinions Don’t Define ETH’s Evolution"
Bankless co-founder David Hoffman argued this debate is exhausted, stressing that original developers' intentions shouldn’t constrain ETH’s evolution:
- "The reality? ETH becoming neutral, high-quality money creates unprecedented value."
Co-founder Ryan Adams added:
- "I respectfully disagree. ETH is money—or at least holds monetary value."
Community Weighs In: Utility Dictates ETH’s Identity
Prominent voices across crypto Twitter reinforced that asset value emerges from usage, not initial claims:
- @iamDCinvestor: "Like ‘security’ classifications, ETH’s nature is defined by how it’s used—not what OGs declare."
- @MohamedFFouda: "Ethereum can succeed without ETH being money, but securing the network requires ETH to hold substantial value—effectively making it money."
👉 Why Ethereum’s monetary policy matters for DeFi
Key Takeaways from the Debate
Philosophical Divide:
- OG Vision: ETH as "gas" for decentralized apps.
- Monetarists: ETH as sound, decentralized currency.
Market Realities:
- ETH’s price volatility fuels disputes about its monetary role.
- DeFi ecosystems increasingly treat ETH as collateral—blurring lines between "utility" and "money."
Governance Tensions:
- Developers prioritize scalability/security upgrades (e.g., Dencun).
- Traders demand ETH price catalysts, creating friction.
FAQ: ETH’s Identity Crisis
Q: Can ETH function as both utility token and money?
A: Yes—its dual role as network fuel and store-of-value mirrors Bitcoin’s evolution.
Q: Why do some OGs oppose ETH being "money"?
A: Fear of regulatory scrutiny or straying from Ethereum’s tech-first ethos.
Q: Does ETH’s monetary status affect its investment potential?
A: Absolutely. Perceived monetary properties (scarcity, demand) directly impact valuation.
👉 Ethereum’s roadmap: What changes lie ahead?
Final Thought
This clash underscores crypto’s core tension: Should protocols adhere to original visions, or adapt to market demands? For ETH, the answer may lie in balancing both—leveraging its utility to become money organically.
Risk Disclosure: Cryptocurrency investments are high-risk. Prices may fluctuate violently, potentially resulting in total capital loss. Assess risks carefully.
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