Popular Strategist Lark Davis Reveals Why He’s Bullish on Ethereum (ETH) Despite High Gas Fees
Solomon Odunayo
3 min read
A popular cryptocurrency strategist and trader, Lark Davis, has some hours ago highlighted the reasons why he’s bullish on Ethereum (ETH) despite the major issue with gas fees on the Ethereum network.
Ethereum Could Be Unbeatable By Competitors
In a thread of tweets on 26th February 2021, the famous trader told his teeming followers that Ethereum is incredible in terms of network effect and deep liquidity. With these qualities, Davis thinks it will take years for any competitor to equal its record.
Read Also: Grayscale Adds $93 Million Worth of Ethereum Within 24 Hours as ETH Surpasses $1,800
Lark Davis noted:
“Ethereum has an incredible lead in terms of network effect. Deep liquidity. And the most developers by far. It will take years for a competitor to catch up. All the time eth will continue to grow.
“Ethereum layer twos like Polygon have 90 applications built on Eth layer two, which is many magnitudes more than zombie chains like tezos.”
Ethereum 2.0 Will Be a Game-Changer
According to Lark Davis, the eventual launch of Ethereum 2.0 will be a game-changer for the network that have suffered criticisms for quite a long time:
“Ethereum 2.0 will be game-changing. Huge tps, dirt cheap fees, and highly efficient. Eip 1559 will introduce fee burning for Ethereum meaning it will likely become a deflationary coin.
Read Also: Ethereum Booms in Anticipation for the Launch of ETH Futures By CME Group
“Ethereum 2.0 changes the economics of eth from a mine and dump economy, to a stake and hold economy.
“Ethereum 2.0 already has over 100,000 validators. This is incredible decentralization. Most importantly putting the power in the hands of average users instead of massive mining cartels.”
High Institutional Investment Interest in Ethereum (ETH)
Another point that’s enhancing the bullishness of the trader is the daily increase in the institutional investors’ interest. An example of that is the Grayscale Investments, the world’s largest crypto manager:
“Institutional investment interest is super high. Eth is number two at grayscale and miles ahead of any other altcoin.
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“Optimism, when it comes out, will be insanely big. It will allow applications to easily implement layer two scaling tech. Optimism is coming next month.
“The Ether asset is the ultimate crypto index. Holding eth gives you exposure to defi, stablecoins, nfts, gaming, and everything else happening on eth. The more those succeed the more eth goes up. Ethereum layer two scaling makes many of the zombie chains redundant.”
Ethereum’s Developers’ Brilliance and Capacity
According to Lark Davis, Ethereum’s team of developers is arguably the best in the crypto industry. He also believes that the leading cryptocurrency will be the first altcoin to secure an Exchange-Traded Fund (ETF), which is a significant potential for institutional investors:
“Ethereum has one of the deepest brain pools in crypto with a massive developer lead as well as human capital in terms of educational content.
Read Also: Coinbase Says Institutional Investors Are Increasingly Spending Money on Ethereum (ETH)
“Ethereum will be the first non Bitcoin crypto to get an ETF, huge potential for institutional investment.
“Ethereum 2.0 is coming. Yes it is taking a long time, but until then it is still the premiere smart contract platform.”
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