$157B of stables and roughly $36B of DeFi TVL still sit on Ethereum L1, but EIP-4844 made fee burn a weaker ETH bull case by design. The trillion-dollar version needs ETH to be balance-sheet collateral across Aave, Sky, stETH/EigenLayer and rollup treasuries; if Base/Arbitrum capture users while USDC/USDT capture money, ETH becomes settlement plumbing with a staking yield. Hoffman’s capitulation landed because that is a live market model, not because CT forgot the 2016 fat-protocol thesis.

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