Such arguments don't consider important implications of ETH L2 roadmap: - endgame for L2s was always getting to stage 2, then having L1 security guarantees. Most majors are already stage 1. Likely we will see first major L2 getting to stage 2 end 2025. - L2s make ETH ecosytem infinitely scalable and distribute ETH asset to global scale. We're already at 2.6k tps max rn, end 2025 Fusaka brings 12k+ tps (will then likely be unmatched). Not to speak of solutions like MegaETH which bring 100k+ realtime tps with EigenDA. Makes much sense to max grow your ecosystem and do steps iteratively (see Meta, Amazon etc.; that said this comparison surely has it's limits since ETH not a company and not extractive). - L1 will process very high value txns from Defi, NFTs + corps & govs doing contracts / business. This will drive L1 fees to 100gwei+ mid-longterm. Meaning ETH gets deflationary around 1%, meaning we have realyield of ~4%. This can still be juiced with EigenCloud restaking. - speaking of EigenCloud: for me still third zero --> one moment in crypto, since it scales ETH security (& asset) to potentially every web2 usecase. This brings verifiable AI agents natively to ETH ecosystem besides zkTLS, coprocessors, TEEs, oracles, DA solutions (EigenDA already provides longterm 43M tps) and many more. EigenCloud ETH best buddy. So agree, ETH still has lots of work to do. But at this point is in an unparalleled position to accrue 90% of TVL, users, volume & other relevant metrics of onchain economy. Which will disrupt finance, gaming, social supply chain, art & most other global industries. Addressing a market of $400T (global wealth). ETH is inevitable.