I connected a LAN8720 breakout to an ESP32 over RMII. When I plug in the cable the link LED on the jack lights and the switch shows a 100 Mbit/s link, but the firmware either reports that the PHY was not found or starts and never gets an address by DHCP. Wiring is by jumper wires about 10 cm long.
What does a lit link LED actually prove, and what are the usual causes of an RMII interface that links but passes no traffic?




