ETH is unfortunately trending the way of a public good - incredible technology, but becoming the internet of crypto, where the Amazons and Googles capture the value.
From an investment perspective, agree with the below, money-ness is one path out. The second - and probably the more likely longer-term - is the sheer weight of TVL dragging ETH higher which has to scale (eventually) with the value it secures. The mechanism that makes this happen isnt entirely clear to me though...
The Robinhood Chain is the cleanest case study of what happened to ETH's economics over time.
Since inception, @RobinhoodApp Chain has grossed ~$816K in revenue.
@Arbitrum, the middleware provider, takes 10%: ~$80K.
Arbitrum then pays Ethereum for settlement: $1,538.
The margin profile roughly:
Robinhood: 89%
Arbitrum: 10%
Ethereum: 0.15%
If your thesis is "ETH is money," Robinhood building here is ultra bullish. More activity, more ETH collateral, more lindyness.
If your thesis is "ETH is a revenue generating asset," this is the ultra-bear case.
And here's the uncomfortable truth: Robinhood was never going to build on Solana, Sui or any monolithic L1. They want the stack customization. They want to be landlords, not renters. Ethereum won this deal on merit.
It's just not pricing it right.
A healthy split to me looks more like:
Robinhood: 75%
Arbitrum: 10%
Ethereum: 15%
Ethereum sells the most valuable settlement layer in crypto at marginal cost. Things need to change. @ethlabs_org
18
2
29
11,020
i don’t think you understand why ETH is going to 100k+ (check out ryan’s article below)
if you haven’t yet understood why the Ethereum L1+L2 model is winning and why ETH is going to trillions – take the time to read this article on why the global economy is moving (early stage) to Ethereum as its infrastructure secured by ETH
everyone will choose and use Ethereum, not because the need to love it but because it MAKES BUSINESS SENSE
1
1
174
yes actually, that chart is controlled by a few variables in software and is intentionally subsidized currently. It is an introductory rate on rent for a building (schelling point) that is incredibly hard to build.
Ethereum commands the most pricing power for block space out of any protocol as none have touched its high water mark for fees when it wasn't even ubiquitous.
1
37
there is no subsidization going on – there is not ’we’ll take more rent later’ when we own the market like a rent seeking company
Ethereum will offer the lowest fees possible as long as we can secure the CROPS network
fees will stay low and Ethereum will keep scaling to win the world as the default settlement layer
this makes Ethereum the best business choice and thus schelling point onchain
for any REV maximalist out there, transactions on the network will 10,000x by humans and machines, hence make ETH deflationary at times – but the monetary premium will formost come from the fact that ETH is the CROPS quantum secure productive SoV with a sustainable monetary policy that protects you from fiat debasement while it simultaneously secures the global economy onchain via the secure Ethereum CROPS L1 + L2 CUSTOMIZATION model
CROPS is the value prop (not fees):
Jul 14, 2026 · 11:15 AM UTC
1
2
50