<ul><li>L2 networks are now selling more ETH than they buy, increasing supply and weakening Ethereum's deflationary appeal.</li><li>Ethereum still struggles with high costs and slow transactions, while L2s like Starknet offer better alternatives.</li><li>Moving from PoW to PoS reduced Ethereum's independence, leaving it without a clear direction.</li><li>Ethereum needs to choose between decentralization and scalability to remain competitive.</li></ul>

Justin Sun Asked ‘What Happened to Ethereum?’: Here’s The Answer

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