In fact, even if $ETH rises to 10K, the "gas fees" on Ethereum won't return to the state of being expensive like in the last cycle, which is related to Ethereum's upgrades and scaling over the past two years. However, the market has not fully understood this. A few years ago, everyone complained that $ETH gas was too expensive to afford, and now that the fees have decreased, they say there is no value capture. This contradictory viewpoint is emotional, and the root cause is quite simple: the price hasn't risen. Using Lao Wu's example, the real issue now is that "gas" is already very cheap, but there are still too few people buying fuel vehicles. Market sentiment is mostly price-driven, and few care about the essential issues. Reducing fees on Ethereum is the right path now, and providing benefits to L2 is also a necessary process. What we are clearly facing now is a demand problem; those buying cars correspond to L2 and Protocol. Currently, only Base seems to be able to stand out, while OP's Superchain alliance and Uniswap's Unichain, which were once highly anticipated ecosystems, have not achieved results in this cycle. Of course, it's too early to say they have been disproven; everything still needs time. On another level, Ethereum had a certain value storage function in the last cycle, such as pricing in ETH in the NFT market, and most assets in the altcoin market preferred to trade against ETH. However, these scenarios have been replaced by strong stablecoins in this cycle. Of course, the massive inflow of stablecoins has also brought value growth to Ethereum, but that's another story.