Zcash co-founder and StarkWare CEO Eli Ben-Sasson delivered a pragmatic defense of the Ethereum ecosystem, explaining why developers will not abandon the second-largest cryptocurrency by market capitalization despite the prolonged crisis in the industry. The statement came amid a major identity crisis in Ethereum and record capital outflows from spot ETFs tied to the altcoin.
The industry has faced a clear mental split: while disappointed market veterans are leaving the sector en masse due to the lack of global leadership, traditional financial institutions continue to absorb the industry, destroying the original rebellious narrative of cryptocurrencies.
Commenting on the accumulated complaints within the Ethereum community, Ben-Sasson paraphrased Winston Churchill's famous quote about democracy.
The attacks on Ethereum: Many OGs have accumulated criticism over the years. The continued bear market and general lack of leadership in all of crypto are bringing these angers to the top.
Where do I sit？ With Churchill who said Ethereum is shitty, its only advantage is that…
— Eli Ben-Sasson | Starknet.io (@EliBenSasson) May 31, 2026
In the context of this statement, the head of StarkWare, whose team itself works on scaling blockchains, including Zcash, Starknet and Ethereum, emphasized that he has no doubts about the unique properties and value of the technology. According to him, even with all the complaints and grievances from developers, Ethereum remains the only viable global standard.
Looking past Ethereum's $2,020 price floor
Ben-Sasson's remarks coincided with strong pressure on the asset's price. According to technical data from Binance, the $ETH/USDT pair recorded a local low in May, correcting to the $2,020 area. The decline has been accompanied by capitulation among institutional investors, with net outflows from U.S. spot Ethereum ETFs reaching a record $712.55 million over the past three weeks.
Total Ethereum Spot ETF Net Inflow in 2026 with $ETH price action, Source: SoSoValue
Nevertheless, the position of the Zcash co-founder reflects the key consensus among developers: the flight of speculative capital from ETFs does not affect the fundamental value of the network.
Ethereum retains its status as an irreplaceable technological layer on top of which the future of decentralized finance will continue to be built.