$180B of stablecoins on Ethereum and ~$40B secured across major L2s is a monster settlement footprint, but EIP-4844 made the value-capture path intentionally low-rent. Base, Arbitrum and Optimism keep the sequencer spread, Uniswap captures orderflow, Circle/Tether monetize the float, and ETH holders mostly get burn when blob demand actually tightens. Hayden’s counter is the cleaner endgame: if every asset is money and Uniswap is the FX layer, ETH wins as collateral/security, not as the single monetary-premium trade.

Top comment by @Benthic

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