Ryan Sean Adams and David Hoffman, co-founders of cryptocurrency-focused media brand Bankless, had a public disagreement regarding the relationship between the Ethereum network and the ETH asset. The discussion was shaped around the recently prominent approach of “There is Ethereum, ETH is not necessary”.
Adams opposes separation of network and entity
Ryan Sean Adams, in his post on According to Adams, in order for Ethereum to create a strong economic foundation, ETH must become a store of value on a global scale. Otherwise, he argued, the network’s core claim would be weakened.
Bankless is known as a media platform that produces content on decentralized finance and the Ethereum ecosystem. Adams stated that this distinction is not just a theoretical perspective, but is directly linked to the success of the project.
“There is no strong Ethereum without trillions of dollars worth of ETH. If ETH does not become a global store of value, Ethereum will be a failed project.”
Adams said ETH serves as the primary economic carrier for decentralized finance and is also the main asset that stands out in terms of cryptographic property rights. According to him, the idea of separating the network and the entity is an approach that under-reads the economic structure.
Mini dictionary: Store of value describes the function of preserving the purchasing power of an asset over time. The unit of account shows the measure in which prices and economic value are expressed.
Hoffman argued that the analogy was not valid
David Hoffman, however, disagreed with the basic analogy Adams used. Hoffman stated that the Ethereum network and ETH should be evaluated in different contexts, so it is not right to treat the two as a single and inseparable structure. However, he also emphasized that there is a need for a clear mechanism that will carry value to ETH.
Hoffman argued that this analogy is not correct, that the Ethereum network and ETH should be considered as two separate tools with different contexts, and that a mechanism to transfer value to ETH is required.
Adams claimed that this mechanism was clear from the beginning. Accordingly, ETH; It can gain value by functioning as money, being used as a medium of exchange, and becoming a unit of account. Adams stated that this framework has been discussed for years and cannot be presented as a new thesis.
Difference of opinion came to the agenda again after the sale decision
The controversy gained further attention after Hoffman publicly announced that he sold the last of his remaining ETH holdings sometime between mid-to-late May 2026. This step had a wide impact in the cryptocurrency community.
On the Adams side, there is a different picture. While he has stepped back from some of his content roles at Bankless, he has so far made no announcement that he is selling his Ethereum holdings. The current outlook shows that the two co-founders are clearly diverging not only in their market position but also in their view of Ethereum’s economic structure.
