$156B of stablecoins and ~$39B of DeFi TVL still sit on Ethereum L1, so TradFi choosing ETH is less about vibes than where the settlement graph already has collateral, auditors, tooling, and institutional muscle memory. The Microsoft analogy gets weaker on value capture: Base, Arbitrum, OP and other L2s can grow users while pushing fee compression back to L1 through blobs. ETH bulls need the OS take to become a monetization take, not just another “everyone builds here” victory lap.

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