Even if the gas fee rises to 10K, it won't return to the state of the previous aristocratic chain. This is related to Ethereum's upgrades and scaling in the past two years. However, the market hasn't fully grasped this. A few years ago, everyone complained that gas was too expensive and unaffordable; now that the fee has been lowered, they say value capture is gone. This contradictory viewpoint is emotional, and the root cause is simply that the price hasn't increased. To borrow Lao Wu's example, the real problem now is that gas is already very cheap, but too few people are buying gasoline cars. Market sentiment is mostly price-driven, with few people concerned about the fundamental issues. Lowering Ethereum's fees now is the right path, and giving back to L2 is a necessary process. The current issue is clearly demand. These car buyers correspond to L2 and Protocol technologies. For L2, only Base2 is truly competitive. Ecosystems like OP's Superchain alliance and Uniswap's Unichain, once highly anticipated, haven't performed well this cycle. Of course, it's too early to say they've been disproven; everything needs time. On another level, Ethereum served as a store of value in the previous cycle, for example, with NFTs priced in ETH and most altcoins trading with ETH. However, these scenarios have been superseded by strong stablecoins in this cycle. While the large influx of stablecoins has certainly contributed to Ethereum's value growth, that's a separate story.

After the Blob event and a scaling upgrade, ETH's gas costs will definitely be low. The problem is, hardly anyone uses it anymore; people prefer L2. It's really baffling. It still feels like block generation is too slow; 13 seconds per block is still a bit of an aging chain.

Most of the sentiment is related to price. Once ETH returns to 3,400, these people will disappear again.

Theoretically, L2 could achieve peak performance, making efficiency no longer the primary concern. The real issue is who will build and use it once efficiency is achieved—these are things Vitalik cannot handle. Infrastructure development has outpaced application growth, leading to the current situation. What's lacking now is innovation and compelling narratives; all blockchains face this problem.