Posteo

Ethereum shipped Glamsterdam, slashed fees by 78-80%, and dropped to 19th place in protocol revenue. Meanwhile, USDT generated 493 million dollars in monthly revenue and briefly overtook ETH to become the second largest crypto by market cap. ETH really optimized its economic model to kill the ultrasound money narrative. The new play? Becoming the settlement layer for tokenized securities. The problem is settlement layers don't create speculative value. They create utility value. BlackRock and DTCC are building on Ethereum because it's cheap. That's the whole point. And that's also the problem. No fee burning, no scarcity premium, no ultra sound money hype. Just real world utility at low cost. It's a massive pivot in narrative and economics. The market is still figuring out how to price that.