This article explains the reasons for the failure of ETH's previous value capture and the improvements made to address it one ️⃣ Dencun's Failure Essence: Technological Success, Business Model Collapse EIP-4844 greatly reduces the cost of L2, but the pricing of Blob is too low, resulting in L2 taking away user income but almost not paying L1, and the deflation narrative of ETH fails. (Blob is a "data warehouse" specifically designed for L2, used to store transaction data, not involved in execution, only for security and availability services) two ️⃣ Fusaka's turning point: rebuilding the 'tax base' of L1 EIP-7918: Set a lower price limit for Blob that is linked to L1 Gas, and L2 must pay taxes on the security of the dependent Ethereum. After the upgrade activation, the basic cost of Blob skyrocketed by 15 million times, which means thousands of times revenue growth for Ethereum, but the impact on L2 users is still minimal. L2 prosperity → L1 revenue → ETH destruction → network security → attracting higher value assets. three ️⃣ Ethereum's new business model: B2B tax system for secure services The purpose of L1 is not to compete for end users, but to -High value execution space: used for L2 settlement proofs and complex DeFi atomic transactions. -Large capacity data space (Blob): used for L2 storage of transaction history data. Ethereum is transforming into the 'underlying coinage tax system' of the digital economy. Ethereum and Solana are no longer on the same track Solana: High frequency, low value, retail grade (Visa). Ethereum: Low frequency, high-value, settlement grade (SWIFT/FedWire). In terms of RWA and institutional assets, Ethereum remains the preferred choice, with security prioritizing over speed. So here comes the question..., Is this really different? Why can't I buy all ETH no matter how much I buy, and who is selling it? Isn't it that OG? When is the best time to buy ETH during a downtrend cycle? Stakeholder: I don't have much ETH left This team is so stupid, it has hindered the financial freedom of many people (what Dencun designed~), I really don't want to invest anymore.