we are entering a period where the center of gravity on Ethereum as a network is so strong that many businesses, governments, and others will choose to build on it as the new financial internet because everyone else is

they will bring stablecoins, government bonds, securities, and other world assets. they will bring billions of users onchain through L2s, for use cases both big and small

and in that future, 80% or more of the value of ETH will come from its use as a permissionless, programmable store of value and collateral asset

fee burn and staking return will reinforce this store of value use cases by controlling supply growth and providing a baseline rate of yield for ETH’s use as a productive asset

the remaining 20% will be from its use as the most censorship-resistant, non-custodial, and non-fiat medium of exchange on Ethereum

the more the Ethereum economy grows from value tokenized on it, so too will the value of ETH grow

this is THE multi-decade thesis for Ethereum, and for ETH