Post

Platform X said someone replied to me, but I only half agree with this view. Indeed, many stablecoin transfers have now moved to L2 and internal exchange settlements, so the mainnet Gas fees are not fully captured. This is one of the reasons why ETH's value capture has been questioned. But what I care more about is the future. No matter how cheap L2 is, it ultimately has to submit data to the Ethereum mainnet and complete final settlement. Essentially, the security still comes from ETH. So the real question is not "whether there is Gas now," but how much of the value created by the entire Ethereum ecosystem in the future can actually flow back to ETH itself. If more and more value stays on L2, Rollups, or the application layer in the future, and ETH can only collect a small portion of the "rent," then the market undervaluing it is reasonable. But if the future value capture mechanism continues to improve, allowing the entire ecosystem's prosperity to feed back more to ETH, then the current pricing logic might be rewritten. Therefore, I think the biggest uncertainty for ETH is not whether there is an ecosystem, but whether the value can truly flow back to ETH.