中文翻译
$ETH 最初且简单的投资逻辑是：更多网络使用 -> 更多 Gas 需求 -> 更高的 ETH 价格。 正如你所说，在 L2 + Blobs/EIP-4844 之后，价值体现方式已不同。生态系统使用量 ↑↑↑，L1 Gas + 销毁 ↓。 这也是我对 ETH 作为代币/ $BMNR 作为投资载体持负面看法的原因。以太坊作为网络获胜（它确实赢了）与 $ETH 代币价格上涨是有区别的。 与现已消失的使用量带来的机械性上涨相比，抵押品等经济挂钩极其微弱。
· 个股论点
ETH网络成功但代币逻辑弱化，对ETH及BMNR持看空观点。
英文原文
The original and simple investment thesis for $ETH was: more network usage -> more gas demand -> higher ETH price . As you mentioned this is no longer the case since value shows up differently after L2s + blobs/EIP-4844. Ecosystem usage ↑↑↑, L1 gas + burn ↓. And this is where I have a negative view of ETH as a token/ $BMNR as a holding vehicle for investment. There's a difference of Ethereum winning as a network (it did), and $ETH token appreciating in price. Economic hooks like collateral, etc. are extremely weak compared to mechanical upside from usage that is now gone.