Foreign media reports that Ryan Sean Adams, co-founder of Bankless, recently publicly opposed the notion on the X platform that "is optimistic about Ethereum technology but not about ETH assets." He believes that if the native token cannot serve as a store of value, the Ethereum network lacks the economic foundation for sustainable operation.

Adams stated that ETH is inseparable from the network.

Adams stated that separating the Ethereum network from ETH assets is a flawed narrative. In his view, ETH is not merely a fee asset, but also a core collateral and value carrier within the DeFi system.

He further stated that if ETH cannot grow into a large-scale store of value asset, Ethereum will struggle to form a sufficiently strong economic engine. According to him, the network itself and the value of the token are not two independent systems.

Hoffman questioned the analogy and demanded a clearer mechanism.

However, David Hoffman, another co-founder of Bankless, disagrees with this statement. Hoffman believes that it is inaccurate to equate Ethereum with ETH, because the two exist in different contexts, and the value of the tokens still needs a clear transmission mechanism to support it.

In response, Adams stated that the mechanism has always been clear: ETH is used as a currency, serving functions including store of value, medium of exchange, and unit of account. His core argument is that the issue isn't whether the mechanism exists, but whether the market believes the process can be implemented.

The disagreement occurred after Hoffman liquidated his ETH holdings.

Prior to this controversy, Hoffman had publicly stated in mid-to-late May 2026 that he had sold and liquidated his remaining ETH holdings. This statement garnered significant attention in the crypto community at the time.

In contrast, Adams did not disclose the sale of ETH. The report noted that although he has reduced his work on some aspects of Bankless, there is no indication that he is preparing to exit his holdings.

This disagreement reflects the ongoing debate within the Ethereum community regarding the relationship between "network adoption" and "token value." The focus of the debate is not merely the technological future, but rather whether ETH can continue to play a central role in the Ethereum economic system.