Every few months the discourse relitigates whether ETH is money, a tech stock, or an ultrasound meme. Strip the noise and Ethereum sells one thing: credibly neutral blockspace that settles value people actually care about. Fees are the revenue line, and demand for that blockspace is the fundamental worth watching.
Scaling changed the shape of that business. Cheaper execution on rollups moved a lot of activity off the base layer, which is great for users and confusing for anyone valuing ETH on mainnet fees alone. The value is still there; it just routes through a more complicated stack now.
The honest read is that Ethereum traded near-term fee capture for long-term reach. Whether that compounds into durable value depends on activity actually growing across the ecosystem, not just migrating around it. That’s a real open question, and pretending otherwise is how people get caught.
Not financial advice.
