I've held ERG since 2021 and I'm adding again. Tell me why that's a mistake.

Disclosure up front: I'm long Ergo, so read everything below with that in mind. I'm posting because I want the bear case, not applause.

Why I'm still in:

* **eUTXO with real expressiveness.** Ergo went the Bitcoin-style UTXO route but made it programmable via Sigma protocols. You get Cardano-ish parallelism without the account-model footguns. Whether that's actually better in practice is where I'd like pushback.
* **No premine, no VC allocation.** Fair-launched, mined. Fewer structural sellers than most of the L1s that get shilled here.
* **Rosen Bridge**

The bear case I can't argue away:

* Developer mindshare is small and hasn't obviously grown. Great tech with no builders is just a paper.
* Liquidity is thin and it's absent from most major venues, which caps who can even buy it.
* It's been around long enough that "undiscovered gem" isn't a defence anymore. If the thesis were going to play out, why hasn't it?

**is there any L1 outside the top 20 that has recovered mindshare after losing it? I can't think of one.**

Not financial advice, I'm some guy on the internet with a bag.