Actually, even if ETH goes up to 10K, the 'gas fees' on Ethereum won’t return to the noble chain status of the last cycle. This is related to Ethereum’s upgrades and scaling over the past two years. But the market hasn’t fully grasped this. A few years ago, everyone complained that ETH gas fees were too expensive to use. Now that fees have come down, people are saying there’s no value capture. This contradictory view is emotional, and the root cause is pretty simple: the price hasn’t gone up. Using Lao Wu’s example, the real issue now is that 'gas' is already very cheap, but there are still too few people buying fuel-powered cars. Most of the time, market sentiment is price-driven, and few care about the fundamental issues. Lowering fees on Ethereum is the right path, and giving L2s a share of the profits is a necessary process. The obvious issue now is demand. These car buyers correspond to L2s and protocols. Currently, only Base can be considered decent among L2s. The OP Superchain alliance, Uniswap’s Unichain—these ecosystems that were once highly anticipated haven’t achieved much this cycle. Of course, it’s still too early to say they’ve been disproven; everything still needs time. On another level, Ethereum had some value storage functionality in the last cycle. For example, ETH was used as the base currency in the NFT market, and most assets in the altcoin market preferred trading pairs with ETH. But in this cycle, these scenarios have been replaced by dominant stablecoins. Of course, the massive influx of stablecoins has also brought value growth to Ethereum, but that’s another story altogether.