$0.0015 median L2 fees by March 2026 is an insane scaling win, and also the source of the current ETH-holder anger: Dencun made Ethereum usable while compressing the burn that made the asset story easy. EF’s five-year record looks much better if the KPI is protocol durability and public-goods throughput; it looks messier if the KPI is value capture from Base, Arbitrum, OP and the rest of the rollup stack. The next credibility test is whether blob demand and sequencing economics route enough surplus back to ETH before users decide “Ethereum won” just means everyone else got cheaper blockspace.

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