As the Ethereum price lingers below its all-time highs (ATHs), TRON founder Justin Sun has emerged with a bold vision aimed at revitalizing the altcoin’s value.
Sun’s Vision For The Ethereum Price
In a recent social post on X (formerly Twitter), Sun proposed a plan that he believes could propel the Ethereum price to unprecedented heights, targeting a price of $10,000. Sun’s strategy hinges on a radical overhaul of the Ethereum Foundation (EF) and the Ethereum protocol itself.
The TRON founder asserts that under his leadership, immediate and decisive actions could almost double the current price peak for ETH. One of his primary proposals is to halt the sale of ETH for a minimum of three years. By doing so, Sun aims to stabilize the currency’s supply and bolster market confidence.
To cover operational costs during this period, Sun suggests leveraging Aave (AAVE) lending, staking yields, and stablecoin borrowing, thereby ensuring that the ETH supply remains intact while aligning with deflationary goals.
In addition to halting sales, Sun proposes imposing significant taxes on Layer 2 (L2) projects. He believes this move could generate at least $5 billion annually for Ethereum, either in stablecoins or tokens.
The revenue from these taxes would be utilized to repurchase and burn ETH in a decentralized manner, further enhancing scarcity and potentially driving up demand.
Major Staff Cuts To Transform Ethereum Foundation Into Meritocracy
In his social media post, Sun also emphasized the need to streamline operations within the Ethereum Foundation. He suggests a significant reduction in staff, retaining only the most capable team members.
Those who remain would receive substantial salary increases, transitioning the Ethereum Foundation into a merit-based organization that rewards high performance.
Furthermore, the TRON founder calls for adjustments in node rewards and a stronger focus on fee-burning mechanisms. By reducing node rewards, Sun believes Ethereum can solidify its deflationary status, reinforcing its position as a store of value.
The focus, according to Sun, would shift exclusively toward Layer 1 (L1) development, prioritizing scalability, security, and broader adoption.
Sun is confident that these initiatives could lead the Ethereum price to surpass $4,500 within the first week of implementation, laying the groundwork for long-term success.
While this only represents Sun’s vision for the Ethereum price, any of these proposals, if viable for driving another leg up of the altcoin, could ultimately be adopted by the co-founders or the developers of the platform.
As of this writing, the Ethereum price hovers around the $3,200 mark, reflecting a loss of 4% over the past 24 hours. This decline has widened the gap between the current price and its ATH of $4,878, representing a difference of 34.5%.
Featured image from DALL-E, chart from TradingView.com
Source: NewsBTC