To be honest, the biggest blow to Ethereum wasn’t the switch to PoS, but the Dencun upgrade two years ago. EIP-4844, as the most critical part of the Dencun upgrade, was introduced at the expense of ETH’s current deflationary properties in exchange for Vitalik’s so-called long-term strategy of a Rollup-centric (L2) Ethereum. The result? ETH can no longer return to its pre-upgrade deflationary economic model, and the L2 ecosystem hasn’t improved because of it. A lose-lose situation.