2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? - Ep. 760

Ethereum, once the undisputed leader in the smart contract ecosystem, is facing intense competition from Solana, which has outpaced Ethereum on key metrics such as developer growth. Meanwhile, debates rage within Ethereum’s community over governance, scalability, and the Ethereum Foundation’s leadership.
Adding to the disruption, AI agents are rapidly reshaping DeFi and token launches, reducing barriers to entry and creating new opportunities—and risks—for founders and investors. Is this the next big leap for crypto or just the latest bubble?
In this episode, Marc Zeller of Aave Chan Initiative and Kain Warwick of Infinex discuss Ethereum’s future, the role of AI in DeFi, and whether Solana’s momentum will continue. They also share bold predictions for crypto in 2025 and debate whether Ethereum’s fragmented ecosystem can still deliver on its promise.
Show highlights:

03:35 Why 2024 became a turning point for the crypto ecosystem

07:02 How AI agents could reshape onchain innovation and public discourse in 2025

14:47 Whether AI agents might soon compete with VCs

22:10 Why fundamentals-driven crypto projects will gradually dominate the market, according to Marc

26:05 Whether Solana will continue to steal Ethereum’s thunder

37:56 Is Base cannibalistic to Ethereum? Can Base or Ethereum compete with Solana?

42:53 Where the ETH ecosystem is headed and whether it can overcome issues of fragmentation, lack or interoperability, so many L2 tokens detracting from the ETH price

52:30 Whether Coinbase's deep commitment to Ethereum is causing it to discriminate against Solana

1:00:10 How Ethereum's reputation rises and falls with its price action, not its fundamentals, per Kain

1:08:43 What the purpose is of the Ethereum Foundation and whether it should change its approach

1:24:57 Why Kain doesn’t think the native rollups proposal is tenable

1:31:12 Whether Ethena is depressing the price of ETH

1:34:00 What Kain and Marc think about crypto-specific phones, especially the Solana Seeker

1:42:07 Kain’s and Marc’s predictions for 2025

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Guests:

Marc Zeller, founder of Aave Chan Initiative

Kain Warwick, founder of Infinex

Links

Unchained: Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto and Stablecoins

Unchained: 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?

Unchained: What's the Best Way for Ethereum to Grow? Two Ethereans Debate

The Block: Long-running Ethereum newsletter shutting down, cites lack of funding

Unchained: How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024

Evan Van Ness’ tweet on the newsletter shutdown

EF’s Josh Stark’s reply to Van Ness

Unchained: Vitalik Has Gone 'Founder Mode.' Is This Just What Ethereum Needs?

Marc’s proposal about the EF

0xMawuko’s tweet on ETH governance

Unchained: Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s

Ben Lilly’s tweet on Ethena possibly suppressing the price of ETH

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