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If I compare ETH to the "U.S. Treasury bond" in the Crypto world, then there is one last question. Who exactly determines the "risk-free rate" of ETH? In the real world, U.S. Treasury yields almost influence the entire financial system. Bank loan rates, corporate bonds, mortgages, and stock valuations are ultimately affected by U.S. Treasury yields because they represent the market's default "risk-free return." So what about the on-chain world? I increasingly feel that the Staking yield is very likely the "risk-free rate" in the ETH world. Because as long as you hold ETH, without taking on lending risk, transaction risk, or participating in complex strategies, you can simply stake ETH and receive the base yield that the entire network pays you. Then, something very interesting happens. Lending rates must be higher than Staking yields, otherwise no one would want to borrow money; Restaking must yield more than regular Staking, otherwise no one would want to take on extra risk; liquidity mining is the same—if the returns are not better than simply staking ETH, why would funds flow there? Thus, the Staking yield begins to become the opportunity cost of all on-chain capital. This actually becomes more and more like the real world. U.S. Treasuries determine the cost of dollar capital. ETH Staking determines the cost of on-chain capital. If in the future DeFi, RWA, stablecoins, AI Agents, and other on-chain financial products continue to expand, then the yields of more and more financial products will likely revolve around ETH Staking. This means that the future value of ETH may come not only from Gas or transaction fees but from the entire on-chain financial system needing to build its capital pricing system around ETH. If it really reaches this point, ETH will no longer be just a smart contract platform but more like the "U.S. Treasury bond" in the Crypto world. BTC is responsible for storing wealth. ETH is responsible for providing the "capital price" for the entire on-chain financial system. If this logic ultimately holds, then future market discussions about ETH may no longer focus daily on Gas but will start paying attention to Staking yields, just like everyone today watches the U.S. 10-year Treasury yield.