I like to think of crashes as a “spring clean” for Ethereum where useless projects that leach of Ethereum fade out.

When the market is bullish and everything is green we often see the rise of utterly stupid tokens and projects that have NOTHING to contribute to the Ethereum blockchain and it’s pretty frustrating to see knowing that all of this money can be invested into very useful projects that can further Ethereum’s influence.

Whether its a useless NFT or shitcoin, many if these said projects are finding a hard time surviving this bear market because as we all know, this kind of useless, unbacked hype only works during a bull market frenzy.
In a bear market people are usually more inclined towards investing in coins with actual utility and backing rather than a memecoin or shitcoin.

Even Vitalik himself once said that the goal of Ethereum isn’t million-dollar pictures of monkeys, it’s to do things that accomplish meaningful things in the world.

Investing in useless projects just for the hype might be fun but it goes against Vitalik’s vision for Ethereum to be an ecosystem where people can integrate their lifestyle into the digital world. A digital world of decentralization where eventually and optimally we can find solutions to foul centralized and authoritative bodies and entities.

This is why I stress so much on the importance of DAOs and their recent decline in popularity for some reasons. A lot of them actually benefit the vision of Vitalik and some of them are die hard ETH maxies. There are some crazy ETH maxi DAOs out there like Bitdao that buy up on average more than 380 ETH and already have more than 220,000 ETH in their treasury a lot of which is being used to bolster the DeFi ecosystem on the Ethereum network.

THESE are the kinds of projects that we need to support in order to grow Ethereum and frankly these are the kinds of projects that are currently surviving the bear market because they have actual fundamentals.

So while this crash was definitely devastating to many and had a fair toll on Ethereum, at least it’s cleansing the blockchain from Ethereum leaches sucking funds off from projects with real meaning.