🔷Tom Lee’s optimistic forecast of Ethereum reaching $12,000–$15,000 sparked a sharp rebuttal from Andrew Kang, co-founder of Mechanism Capital. Speaking at Korea Blockchain Week 2025, Lee argued that the growth of stablecoins and tokenized assets will fuel Ethereum’s fee revenues. Kang, however, dismissed this view as “financially illiterate”, likening such comments to providing “exit liquidity” for the Ethereum Foundation and early backers.
🔷According to Kang, despite the massive expansion of stablecoins and RWAs, Ethereum’s fee income has not meaningfully grown. User activity continues migrating to rival chains, while upgrades have reduced network strain. He rejected the “digital oil” analogy and stressed that ETH remains range-bound, showing no signs of a sustained bullish trend.