X平台说有人回复我，但是这个观点我认同一半。
现在确实很多稳定币转账已经跑到 L2 和交易所内部结算，主网 Gas 没有完全吃到，这是 ETH 价值捕获一直被质疑的原因之一。
但我更关心的是未来。
L2 再便宜，它最终还是要向以太坊主网提交数据、完成最终结算，本质上安全性还是来自 ETH。
所以真正的问题不是“现在有没有 Gas”，而是未来整个以太坊生态创造出来的价值，到底有多少能回流到 ETH 本身。
如果未来价值越来越多留在 L2、Rollup 或应用层，而 ETH 只能收很少一部分”租金”，那市场给它低估值是合理的。
但如果未来价值捕获机制继续优化，让整个生态繁荣能够更多反馈到 ETH，那么现在的定价逻辑又可能会被重写。
所以我觉得，ETH 最大的不确定性，不是有没有生态，而是价值到底能不能真正回流到 ETH。
Kshsb
Sometimes, I feel that ETH is a lot like a "rent-income" asset.
On-chain, DeFi, stablecoins, RWA, and various protocols run around. As long as someone uses Ethereum, gas ultimately settles in ETH.
Just like in the AI era, when enterprises need to rent cloud computing and GPUs, Ethereum is more like collecting "rent" from the entire on-chain economy.
But here's the problem.
If this logic holds, why has the number of on-chain projects and stablecoin scale grown over the years, yet ETH's price has never reflected its true value?
Is it that the market hasn't finished pricing yet?
Or is ETH's value capture mechanism itself problematic?
This is a question I've been pondering lately. I think truly understanding why ETH is rising or not is probably more important than predicting tomorrow's rise or fall every day.
$ETH
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