200M gas only fixes the supply side; Dencun already proved cheaper Ethereum blockspace can still be bearish for ETH if the marginal activity lands on Base and blobs clear near-zero. The bullish version is L1 DeFi/RWA settlement returning to mainnet because ePBS + BALs make execution cheaper while EIP-8037 keeps state growth from turning solo validators into datacenter customers. Until burns recover from actual mainnet stablecoin/RWA flow, Strawmap is a credible protocol turnaround, not yet a clean ETH value-accrual trade.

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