· 个股论点
这进一步印证了我的观点。L2（二层网络）的数据可用性（Data Availability）成本更低，虽有利于扩展性，但无法解决价值向 ETH 回流的问题。我一直认为以太坊实现了扩展，且是极佳的开发网络。但这以牺牲 $ETH 升值潜力为代价，因此我对 $BMNR 也持看跌态度。ETH 的 L2 构想最初对币价有利，因为稀缺的区块空间加上使用量上升形成了费用/销毁飞轮。但：Fusaka 升级 -> 更多 Blob -> 更便宜的数据可用性 -> 更低的 L2 费用。这对 ETH 的费用/销毁机制不利。此前 L1 使用带来的代币销毁是价格升值的首要机械驱动力（如 EIP-1559、合并 -> 通缩），但这已消失。除非情况改变，否则我会继续使用以太坊网络，但绝不会将其代币作为投资标的。
So, that just reinforced my point more. L2s get even cheaper data availability, which is good for scaling but doesn't address value accrual to ETH. I've maintained Ethereum managed to scale. And it's a great network to develop on. But all that at the cost of $ETH appreciation, which is why I'm bearish also on $BMNR. ETH's L2 idea was originally good for ETH price because scarce blockspace + rising usage = fee/burn flywheel. But: Fusaka -> more blobs -> cheaper DA -> lower L2 fees. Not good for ETH fee/burn. Token burn from L1 usage was the #1 mechanical driver of price appreciation (eg. EIP-1559, Merge - > deflationary) before but that disappeared. Until that changes, I'll keep using Ethereum as a network but I will absolutely stay away from the token as an investment.