We showed up to see where the attention was going, which teams are still building through the cycle, and whether anything new was actually coming out of the builder scene. ETHDenver has a reputation as a dev-first event, but this year felt different—a lot of people skipped it altogether, and those who came were either shipping, pitching, or just networking at side events.

• Smaller than 2024 – Fewer people, lighter energy. Some builders didn’t bother attending.
• ETH underperformance is showing – Most builders feel bearish on ETH and aren't hiding it.
• Restaking fatigue – Babylon and BTC restaking are getting attention, but it feels forced.
• Berachain is everywhere – Founders don’t need to understand it—everyone’s on board because the hype machine works.
• Crypto x AI is the new default – Every team is building something “AI-enabled.” Most of it is early.
• Mantle stood out quietly – Sozu House had strong vibes, and their treasury is being run like a real business.
• Too many side events – Many were half-full, others overcrowded. Scheduling was chaotic.
• Cosmos is losing projects – More teams are moving to Ethereum or Solana.
• Marketing agencies everywhere – Everyone wants a retainer, few deliver anything real.
• Teams want users, not just capital – There’s growing frustration with low adoption.
• Clear communication is rare – Most projects still struggle to explain what they do.
• Hyperlane getting more love than LayerZero – Interoperability still matters, but preferences are shifting.

ETHDenver 2025 didn’t feel like a breakthrough year—but that’s fine. The signal is in what’s missing. Builders are still here, but conviction is low, and narratives are getting thin. The next winners will come from teams who can actually execute—not just show up.