Ethereum’s Open Framework Is A Playground For Grifters — Here’s Why

The Ethereum network was built to democratize a finance platform where anyone, anywhere, could deploy code and create ￰0￱ no centralized oversight, ETH has become a stage where builders and grifters coexist, each leveraging the same tools of decentralization to vastly different ￰1￱ Ethereum Evolve Beyond Its Culture Of Exploitation? Ethereum has always been more than just a cryptocurrency. It’s a programmable, open finance framework that allows anyone to build and exploit ￰2￱ to AdrianoFeria’s post on X, this openness has enabled innovation and also allowed countless grifters to accumulate vast amounts of ETH by selling low-quality tokens and NFTs to retail ￰3￱ Reading: Ethereum Has A Fundamental Problem, Warns Cyberpunk Nick Szabo The mechanism of extraction was simple yet profound, so that retail investors, ironically seeking to gain more ETH exposure through higher beta plays, ended up parting with the very asset they sought to ￰4￱ grifters effectively extracted ETH that might have otherwise remained in the hands of long-term holders.

However, one of the earliest and most glaring examples was ￰5￱ its peak, it held about 7.2 million ETH, which is roughly 6% of the total supply, marking the largest single treasury in existence. A subsequent wave of Initial Coin Offering (ICO) and NFTs is believed to have extracted more ETH from the hands of long-term retail ￰6￱ continuous speculative excess transferred wealth, creating selling pressure that ultimately slowed down ETH’s long-term appreciation. Furthermore, Adriano Feria asserts that ETH has finally moved beyond that phase and will be reflected in price action (PA) with steadier growth and much stronger relative strength during market ￰7￱ are actively embracing ETH, and even hardcore BTC maximalists have been forced to acknowledge ETH’s technological strengths and the undeniable institutional traction it has ￰8￱ expectations are for a boring supercycle, and with crypto commentators (CT folks) still trying to call the top.

Still, this very stability and institutional foundation is precisely what the ETH supercycle is meant to look ￰9￱ Ethereum Legacy Belongs To Everyone A digital artist, ArtvisionNFT, from Ukraine, who specializes in NFTs, has revealed that in the fast-moving world of blockchain, history is at risk of being ￰10￱ a result, the Covalent_HQ Ethereum Wayback Machine (EWM) was built to ensure the full history remains intact and accessible to everyone, anywhere, to access the verified blockchain ￰11￱ Reading: Ethereum On-Chain Bloodbath: Rugs And Scams Erode Retail Confidence, What To Know However, EWM acts as a digital time capture, collecting, verifying, and storing old block using a decentralized ￰12￱ process ensures that developers can use EWM to audit smart contracts, build analytics, and trace blockchain ￰13￱ protects the transparency, accountability, and innovation in the broader Web3 ￰14￱ its core, Covalent_HQ’s mission is to make sure ETH’s story is never ￰15￱ image from Getty Images, chart from ￰16￱