BlackRock positioned Ethereum as the foundational "highway" for global tokenization, which makes sense given ETH's network effects and institutional traction.

But what's worth examining is whether that metaphor holds up under scrutiny. Most activity is migrating to Layer 2 rollups where fees are drastically lower, meaning the economic value generated doesn't necessarily flow back to $ETH holders through burns or staking rewards.

Add in the multi-chain reality—tokens launching on Solana, Avalanche, and others—and you get a fragmented landscape where Ethereum is important but not dominant in value capture. The infrastructure bet is real, but infrastructure doesn't always equal profit for token holders.

It's a nuanced position that gets overlooked in the hype around institutional adoption.

#Ethereum #Tokenization #blackRock #Layer2 #CryptoInfrastructure