When Ethereum’s “Merge” to proof-of-stake went off without a hitch last September, some felt the layer-1 was primed for a breakout. Speculation arose around a “flippening” and institutional investors waited in the wings.

But ether’s price did not end up meeting these expectations. NFTs tested new lows, and the bear market muted DeFi engagement. Bitcoin continued to outpace ether in 2023 — recently reaching dominance levels not seen since 2021. Meanwhile, institutional inflows are largely yet to materialize. 

Blockworks spoke with Justin Drake, a researcher at the Ethereum Foundation, about the network’s current standing and future prospects. Keep reading for more…

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