It's actually really bullish when you think about it. Nobody wants to be the next Ethereum killer anymore. They don't even try to compete on that level. Instead, everyone's rushing to be the next Hyperliquid or the next stablecoin chain. And sure, those projects can win on regulation, business development, or liquidity. But none of them are building on security, trust, censorship resistance, or permissionlessness. That's the real moat. No one is even attempting to build the world's sovereign layer for value and trust. And honestly? There has never been a better value proposition for ETH's core advantage. If you think that advantage isn't valuable, you're missing where the world is heading and what real value looks like, in my view.