In the Justin-Anatoly debate, while I mostly agreed with Justin, one important point Anatoly made is the overemphasis and fear in the Ethereum ecosystem of centralization because someone has a minor edge in the staking ecosystem. In reality, whales threw away 10% just to not run their own nodes (1/2)

Fees haven't gone to zero, despite the cost of running a staking service being near zero. Most ETH isn't even staked, and some hold it in ETHE and will hold it in non-staking ETFs. I'd say at least 80% of capital is insensitive to 0.5-1.5% change in yield. P.S. This doesn't mean builders aren't super-competitive.