There are 4 new categories of teams deploying on Ethereum over the past 6 months: 1) Projects migrating from other Layer1's: Top projects on other L1s that are capped by the growth of those chains. Where you build determines your ceiling, and to keep growing, you need to be in the ecosystem with the highest one. That's Ethereum. Example is @SupernovaDEX expanding to mainnet from Avalanche. 2) Projects that bet on other chains and fell behind Over the last few years, many builders went early on new chains hoping to ride massive growth, but it didn't hold up post-TGE. Now a lot of these teams don't want to bet on new chains anymore. They just want to build where it's proven. Example: @spreads_fi migrated to mainnet from berachain. 3) Projects pushed to L1 by Capital: Related to #1, but distinct: some teams are launching on mainnet specifically because that's where the liquidity and activity are. Capital is pulling them in. 4) Projects that considered their own stack but decided against it Some teams were planning to launch their own chain, then Fusaka changed the calculus. ENS is a great example: they explicitly said in their blog that if L1 is strong enough, spinning up more infrastructure just adds complexity and risk. When you combine all of these, the flywheel only makes Ethereum more appealing to new teams. There is no second best.