My base case is strong Q4 and crypto rocket in 2025 to ATH's.

But...there's a another theory.

 We may be in the show me phase of crypto.

There's a fair chance new investors won't hop aboard until crypto shows them the apps. This building phase - may last months - but it could last years.

It took amazon 10 years to reach ATH after the dotcom bust.

Be prepared for either outcome.

You guys up to create a new valuation framework for Eth?

IMHO we should value Eth as currency, as economy.

Some amount of revenues seem to be important ultimately for network security but on top of that the focus should be on growing the economy and growth drivers for Eth.

In fact, one can also argue Ethereum should be slightly inflationary, continue to pay validators from the inflation budget and not charge users & growth drivers aka businesses on top (l2s) more when Eth growth drivers do better this way - which will mid to long-term lead to more Eth demand.

Fwiw, I see relatively sound policy (no matter if slightly deflationary/inflationary) and so much potential growth (drivers) that it absolutely doesn’t make sense to over optimize on short-term fees for l1 now.

cc: @davidhoffman really appreciated the tripple point asset post!