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Sometimes I feel that ETH is like a "rent-collecting" asset. On-chain, there are DeFi, stablecoins, RWA, and various protocols running; as long as someone uses Ethereum, Gas fees ultimately have to be settled in ETH. Just like in the AI era, companies need to rent cloud computing and GPUs, Ethereum is more like collecting the "rent" from the entire on-chain economy. But here’s the problem. If this logic holds, why has the number of on-chain projects increased over the years, and the stablecoin market grown larger, yet ETH’s price has never reflected the value it should? Is it that the market hasn’t completed pricing yet? Or is there an issue with ETH’s value capture mechanism itself? This is a question I’ve been pondering recently. I think truly understanding why ETH rises or doesn’t rise might be more important than predicting its daily price movements. $ETH