Buterin Calls Ethereum’s High-TPS Race “A Route to Mediocrity” as Capital Rotates to Hyperliquid and Zcash
The timing was not subtle. Ether is trading around $2,120, roughly 57% off its August 2025 high near $5,000. Hyperliquid’s HYPE token has rallied 147% year-to-date to $63, briefly pushing its fully diluted valuation past Solana’s earlier this week. Zcash, the privacy-coin relic that spent most of the last cycle as a forgotten ticker, is…