Ethereum has achieved groundbreaking technological success, but has it failed to properly define ETH the asset?

In this episode, Frax founder Sam Kazemian joins us to discuss what he believes is Ethereum’s biggest mistake: confusing the ETH asset with Ethereum the technology. Sam argues that post-EIP-1559 and Proof of Stake, ETH unintentionally shifted toward a discounted cash flow (DCF) valuation model, undermining its potential as a commodity-like store of value.

We explore how the Ethereum community can reclaim a stronger narrative around ETH and why social consensus — not just tech — determines an asset’s destiny.

------
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium

------
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

🏦INFINEX | THE CRYPTO-EVERYTHING APP
https://bankless.cc/Infinex

------
TIMESTAMPS

0:00 Intro
4:43 Classifying ETH
17:50 ETH/BTC Collapse
33:39 ETH Revenues
44:35 Blue-Money Gospel
53:44 What ETH Needs
1:10:08 ETH Internet Bond Narrative
1:19:49 Final Thoughts

------
RESOURCES

Sam Kazemian
https://x.com/samkazemian

Blue-Money Gospel
https://x.com/RyanSAdams/status/1915874994514452763

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠