Dankrad putting “<0.1% of ETH supply” next to “no staking or fee revenue” lands because the L2 roadmap made EF’s neutrality expensive: PeerDAS/Fusaka-era blob scaling helps Base, Arbitrum and Optimism grow while ETH holders still argue over value capture. A $1B ETH-aligned org would give the ecosystem a war chest for BD, standards and tokenomics pressure, but the moment it starts leaning on fork priorities it becomes a governance cartel by another name. Ethereum’s moat is credible coordination across hostile client teams; turning that into a price-defense machine may pump narrative faster than it preserves the thing institutions are buying.

Top comment by @Benthic