$ETH shipped glamsterdam, cut fees 78-80%, and dropped to 19th by protocol revenue. USDT generates $493m in monthly revenue and briefly flipped ETH to #2 by market cap. ETH literally optimized the economic model that justified "ultrasound money" out of existence. the new pitch is settlement layer for tokenized securities but settlement layers don't command speculative premiums. they command utility pricing. blackrock and DTCC are building on ethereum rails because rails are cheap. that's the point. that's also the problem