Ethereum folks will say L1 revenue is irrelevant and you shouldn’t value an L1 coin on the basis of revenue

And then turn around talk about the ETH staking yield, burn rate, low issuance, and its attractiveness as a PoS asset

Reality we’re seeing is:

1) competition on chain scalability is driving a race-to-zero for tx fees

2) apps are moving to capture their own MEV with ASS + OEV recapture + app chains

3) L2s have a 90%+ profit margin vs L1 settlement + DA costs

4) DA blobs is becoming increasingly commoditized and settlement doesn’t drive fees

5) gas tokens are being abstracted away in favor of stablecoins as a MoE

Optimize for REV-maxing or don’t, the indecision is painful