For ETH, real world growth is the answer. How do we get ETH to $20k? Fee value accrual obviously isn't necessary to drive the required public confidence for a high token price, otherwise BTC would be worthless because 99.999% of BTC activity is centralized and doesn't accrue value to bitcoin. So, while strong value accrual isn't necessary for a high token price, might it be sufficient? If eth had 18% deflation per year because L1 apps and L2s were burning so much ETH, it's pretty hard to imagine a scenario where this high level of deflation wasn't accompanied by similarly high level of confidence in ETH and thus a high token price. That's why strong value accrual is likely sufficient in practice for a high token price. Ie. it's not that high fees create a high valuation in a cash flow/DCF sense - it doesn't work that way - rather it's because high fees tend to coincide with high confidence in the platform. Might there be another way to drive confidence besides having high fees? Could we get ETH to $20k without getting back to high total fees? Maybe we could imagine a scenario where we attracted $1 trillion in stablecoins to the L1, and confidence in ETH moons, but total fees are still low for some reason. This kind of fictitious scenario is highly unrealistic because most kinds of growth will tend to increase fee levels, directly or indirectly. If we attract $1 trillion in stables, fee levels would probably be high already. In fact, a lot of those $1T in stables likely would have joined the platform because of other kinds of growth that increased fee levels. Ultimately, realistically for ethereum, getting back to high fee levels is both necessary and sufficient to reach a high ETHBTC ratio and moon price for ETH. One way raise fee levels would be to try to take a knife to our nascent L2 model and carve up some new economics to "make L2s pay their fair share". This would be an unwise approach at least because it epitomizes a lack of confidence and impatience in our L2 model. The other way to raise fees, and the only practical genuine option available to ethereum, is with huge growth. We need - more L1 apps (and more distribution of L1 assets/services to all L2s; "hub AND spokes") - more L2s (and more business model diversity) - more cross-L2 services (see Aztec exporting privacy as a service to other L2s) - more growth in existing L2s (they're working on it) - more blobs for L2s to buy (incoming, and an aggressive goal for fusaka this year) - more L1 blockspace for L1 apps and L2s to buy - and way more real world builder culture+growth programs for us to get out there, connect with the world, and frontrun the next big areas of opportunity to actually help people and build the ethereum economy In short, Ethereum does not have a value accrual problem, we have a growth problem. Eth mainnet turns 10 this summer. We've come far in our first decade. We're by far the largest chain as measured by app capital and unique integrations/serious apps. That's great, but as this year has shown, we're not nearly done yet. To get ETH to $20k and Ethereum to global ubiquity, the time is now to 100x our focus on real world growth. Only real world growth will actually grow ethereum, restore high fees, and send ETH to the moon. LFG