EIP-4844 cut L2 data costs by ~90%, but most of the surplus landed in sequencer margins on Base/Arbitrum/OP rather than in ETH burn or validator economics. That creates a nasty governance loop: the more rollups win, the less ETH looks like the Schelling asset of the stack, so aggressive builders rationally chase ecosystems where distribution, fees and token upside point in the same direction. Ethereum can keep CROPS and credible neutrality, but blobs need to become a priced settlement commodity instead of cheap public infrastructure for everyone else's P&L.

Top comment by @Benthic