PROJECT MIRROR // SPRING 2025
WE3.CO
WELCOME
We studied Ethereum during its “worst” crisis through 60+ conversations to understand perceptions across the ecosystem.
Project Mirror
About this Project
Metaphors & Artefacts
What Is Ethereum, Really?
Reality Check
Set Up
The Frame
The Structure
Shifts
Major changes over Ethereum's decade that explain today
Overview
Shifts that emerged through Project Mirror.
Shift 1 : From An Idea (Vision) → To A Possibility Opportunity
Ethereum's vision of a truly open, decentralized internet has evolved from idea to real possibility.
Shift 2 : From The Only Player → To The Current Winner
Ethereum dominated smart contracts alone until its own success created both scaling solutions and competitors.
Shift 3 : From Tools to Build Ethereum → To a Shared Language for Web3
The Ethereum Virtual Machine (EVM) evolved from Ethereum's toolkit to web3's universal language.
Shift 4 : From A Community → To A Key Technology
Ethereum's tight-knit early community is fragmenting as the technology matures and attracts diverse builders.
Shift 5 : From Long Term Values → To Long Term Value AND Short Term Value
Early Ethereum builders joined for ideals like decentralization. Today's builders need those ideals plus practical success.
Tensions & Takeaways
Conflicts arising from growth and diversification
Overview
Tensions uncovered through Project Mirror
Tension 1: The Lost in Translation
Without price momentum or a simple story, Ethereum's sophisticated vision feels brilliant but unreadable.
Tension 2: The Base Layer Identity Crisis
As L2s grow and competitors evolve, Ethereum's L1 struggles to define and defend its role in the ecosystem it created.
Tension 3: The Neutrality Dilemma
Ethereum's commitment to neutrality works for the protocol but fails in the marketplace, leaving builders feeling abandoned.
Tension 4: The Real World Decentralization
The principle that defines Ethereum creates friction for users while delivering benefits to the institutions it sought to disrupt.
Tension 5: The CULTURE MOAT
The community that attracts mission-driven builders internally becomes a barrier to credibility externally.
Openings
Opportunities these changes create for better positioning
Overview
Openings—not as directives, but as directions.
On Intentional Support
How might we make builders feel seen, supported, and actively invested in?
On Active Stewardship
How might we redefine Ethereum's leadership to inspire confidence without compromising its core values?
On Value-Driven Metrics
How might we help the ecosystem recognize and measure Ethereum's value beyond ETH price?
On Coordinated Narrative
How might we craft and communicate a clear, compelling, multi-faceted narrative for Ethereum's future?
Archetypes
Understanding who builds, uses, and shapes Ethereum requires seeing beyond code to human motivations.
Overview
Core archetypes that defined Project Mirror.
WEb3 Consumer App Builders: The AbaNdoned
Choose chains offering human support. Ethereum's neutrality feels like indifference.
Institutional Builders: The Pragmatists
Need professional contacts, find organizational chaos. Build workarounds, not believers.
Investors: Pragmatic Allocators
Used to back Ethereum by default. Now they follow traction, not ideology.
Web3 Communities: The Next Generation
Pick ecosystems like jobs—whoever offers the best package. Learn EVM, build elsewhere.
Incumbents: The Confused Gatekeepers
Can't distinguish Ethereum from Bitcoin. Listen to Coinbase lobbyists by default.
Traders: The Market's Vibe Check
Fled to Solana for memecoins. They want sub-$1 transactions, not philosophy.
Influencers/Researchers: The Narrative Amplifiers
Watch Ethereum lose mindshare while clutching technical papers. Best story beats best tech.
ETH Core Developers: The Awakening Architects
Built perfect technology, lost market momentum. Now scrambling to compete.
Credits
The team behind Project Mirror.
PROJECT MIRROR // SPRING 2025
WE3.CO
WELCOME
We studied Ethereum during its “worst” crisis through 60+ conversations to understand perceptions across the ecosystem.
Project Mirror
About this Project
Metaphors & Artefacts
What Is Ethereum, Really?
Reality Check
Set Up
The Frame
The Structure
Shifts
Major changes over Ethereum's decade that explain today
Overview
Shifts that emerged through Project Mirror.
Shift 1 : From An Idea (Vision) → To A Possibility Opportunity
Ethereum's vision of a truly open, decentralized internet has evolved from idea to real possibility.
Shift 2 : From The Only Player → To The Current Winner
Ethereum dominated smart contracts alone until its own success created both scaling solutions and competitors.
Shift 3 : From Tools to Build Ethereum → To a Shared Language for Web3
The Ethereum Virtual Machine (EVM) evolved from Ethereum's toolkit to web3's universal language.
Shift 4 : From A Community → To A Key Technology
Ethereum's tight-knit early community is fragmenting as the technology matures and attracts diverse builders.
Shift 5 : From Long Term Values → To Long Term Value AND Short Term Value
Early Ethereum builders joined for ideals like decentralization. Today's builders need those ideals plus practical success.
Tensions & Takeaways
Conflicts arising from growth and diversification
Overview
Tensions uncovered through Project Mirror
Tension 1: The Lost in Translation
Without price momentum or a simple story, Ethereum's sophisticated vision feels brilliant but unreadable.
Tension 2: The Base Layer Identity Crisis
As L2s grow and competitors evolve, Ethereum's L1 struggles to define and defend its role in the ecosystem it created.
Tension 3: The Neutrality Dilemma
Ethereum's commitment to neutrality works for the protocol but fails in the marketplace, leaving builders feeling abandoned.
Tension 4: The Real World Decentralization
The principle that defines Ethereum creates friction for users while delivering benefits to the institutions it sought to disrupt.
Tension 5: The CULTURE MOAT
The community that attracts mission-driven builders internally becomes a barrier to credibility externally.
Openings
Opportunities these changes create for better positioning
Overview
Openings—not as directives, but as directions.
On Intentional Support
How might we make builders feel seen, supported, and actively invested in?
On Active Stewardship
How might we redefine Ethereum's leadership to inspire confidence without compromising its core values?
On Value-Driven Metrics
How might we help the ecosystem recognize and measure Ethereum's value beyond ETH price?
On Coordinated Narrative
How might we craft and communicate a clear, compelling, multi-faceted narrative for Ethereum's future?
Archetypes
Understanding who builds, uses, and shapes Ethereum requires seeing beyond code to human motivations.
Overview
Core archetypes that defined Project Mirror.
WEb3 Consumer App Builders: The AbaNdoned
Choose chains offering human support. Ethereum's neutrality feels like indifference.
Institutional Builders: The Pragmatists
Need professional contacts, find organizational chaos. Build workarounds, not believers.
Investors: Pragmatic Allocators
Used to back Ethereum by default. Now they follow traction, not ideology.
Web3 Communities: The Next Generation
Pick ecosystems like jobs—whoever offers the best package. Learn EVM, build elsewhere.
Incumbents: The Confused Gatekeepers
Can't distinguish Ethereum from Bitcoin. Listen to Coinbase lobbyists by default.
Traders: The Market's Vibe Check
Fled to Solana for memecoins. They want sub-$1 transactions, not philosophy.
Influencers/Researchers: The Narrative Amplifiers
Watch Ethereum lose mindshare while clutching technical papers. Best story beats best tech.
ETH Core Developers: The Awakening Architects
Built perfect technology, lost market momentum. Now scrambling to compete.
Credits
The team behind Project Mirror.
PROJECT MIRROR // SPRING 2025
WE3.CO
WELCOME
We studied Ethereum during its “worst” crisis through 60+ conversations to understand perceptions across the ecosystem.
Project Mirror
About this Project
Metaphors & Artefacts
What Is Ethereum, Really?
Reality Check
Set Up
The Frame
The Structure
Shifts
Major changes over Ethereum's decade that explain today
Overview
Shifts that emerged through Project Mirror.
Shift 1 : From An Idea (Vision) → To A Possibility Opportunity
Ethereum's vision of a truly open, decentralized internet has evolved from idea to real possibility.
Shift 2 : From The Only Player → To The Current Winner
Ethereum dominated smart contracts alone until its own success created both scaling solutions and competitors.
Shift 3 : From Tools to Build Ethereum → To a Shared Language for Web3
The Ethereum Virtual Machine (EVM) evolved from Ethereum's toolkit to web3's universal language.
Shift 4 : From A Community → To A Key Technology
Ethereum's tight-knit early community is fragmenting as the technology matures and attracts diverse builders.
Shift 5 : From Long Term Values → To Long Term Value AND Short Term Value
Early Ethereum builders joined for ideals like decentralization. Today's builders need those ideals plus practical success.
Tensions & Takeaways
Conflicts arising from growth and diversification
Overview
Tensions uncovered through Project Mirror
Tension 1: The Lost in Translation
Without price momentum or a simple story, Ethereum's sophisticated vision feels brilliant but unreadable.
Tension 2: The Base Layer Identity Crisis
As L2s grow and competitors evolve, Ethereum's L1 struggles to define and defend its role in the ecosystem it created.
Tension 3: The Neutrality Dilemma
Ethereum's commitment to neutrality works for the protocol but fails in the marketplace, leaving builders feeling abandoned.
Tension 4: The Real World Decentralization
The principle that defines Ethereum creates friction for users while delivering benefits to the institutions it sought to disrupt.
Tension 5: The CULTURE MOAT
The community that attracts mission-driven builders internally becomes a barrier to credibility externally.
Openings
Opportunities these changes create for better positioning
Overview
Openings—not as directives, but as directions.
On Intentional Support
How might we make builders feel seen, supported, and actively invested in?
On Active Stewardship
How might we redefine Ethereum's leadership to inspire confidence without compromising its core values?
On Value-Driven Metrics
How might we help the ecosystem recognize and measure Ethereum's value beyond ETH price?
On Coordinated Narrative
How might we craft and communicate a clear, compelling, multi-faceted narrative for Ethereum's future?
Archetypes
Understanding who builds, uses, and shapes Ethereum requires seeing beyond code to human motivations.
Overview
Core archetypes that defined Project Mirror.
WEb3 Consumer App Builders: The AbaNdoned
Choose chains offering human support. Ethereum's neutrality feels like indifference.
Institutional Builders: The Pragmatists
Need professional contacts, find organizational chaos. Build workarounds, not believers.
Investors: Pragmatic Allocators
Used to back Ethereum by default. Now they follow traction, not ideology.
Web3 Communities: The Next Generation
Pick ecosystems like jobs—whoever offers the best package. Learn EVM, build elsewhere.
Incumbents: The Confused Gatekeepers
Can't distinguish Ethereum from Bitcoin. Listen to Coinbase lobbyists by default.
Traders: The Market's Vibe Check
Fled to Solana for memecoins. They want sub-$1 transactions, not philosophy.
Influencers/Researchers: The Narrative Amplifiers
Watch Ethereum lose mindshare while clutching technical papers. Best story beats best tech.
ETH Core Developers: The Awakening Architects
Built perfect technology, lost market momentum. Now scrambling to compete.
Credits
The team behind Project Mirror.