demand to hold and use ETH directly defines its financial value. it’s literally that simple. all frameworks beyond this are memes

chain revenue can support this through sustainable staking revenue and burn mechanisms, but it explains only a small portion of this demand

in this way, ETH is valued much more like a commodity than it is valued like a security

i'm perplexed (though not necessarily surprised) that some people are trying so hard to argue against this reality as of late