I’ve noticed a pattern. There are a few crypto people I’ve followed on here for years. Smart, early Ethereum bulls. Deep into the ecosystem. Then at some point they raise a venture fund. And suddenly, they’re hyping every Ethereum competitor under the sun. At first I thought maybe they just changed their mind. Or got disillusioned with Ethereum’s slow governance. But the shift was too consistent. Too aligned with a new financial incentive. So I started trying to break it down. Why would someone go from betting on Ethereum to betting against it? The answer that makes the most sense to me comes down to two things: 1. Exit timelines. 2. Narrative control. When you launch a new L1, the story sells before the product exists. You can launch a token early, ride the hype, and get a liquid valuation while the chain is still in testnet. That’s perfect if you’re a VC on a 7-year fund cycle who needs a 50x to impress LPs. The earlier the liquidity, the earlier the markup, the earlier the exit. Ethereum-based apps don’t let you do that. You have to build. You have to ship. You have to be audited. You need users. The valuation doesn’t come from a speculative dream. It comes from usage and traction — and that takes time. And you’re building on top of an ecosystem that’s already live. Ethereum exists. The infrastructure is in place. Similar apps already exist. So investors and analysts can actually see the components — user flow, security tradeoffs, token design, fee structure. It’s all legible. Which means it’s also harder to fudge. Second: narratives. With a new L1, you can promise anything. 100K TPS. Zero MEV. Magical UX. You can sell a fantasy, because there’s no working chain to contradict you. Ethereum doesn’t give you that luxury. It’s already live. Every claim can be checked. If you’re exaggerating, someone will call you out — and they’ll be right. You have to argue in public with facts, not fiction. And that makes hype harder. So yeah, I think it’s not a coincidence. It’s a function of incentives. L1s offer faster exits and easier lies. That’s what makes them VC bait.