Stablecoins and applications may capture most economic value from Ethereum's growth while ETH remains optional, leaving ETH without meaningful value accrual.

"Strong networks at full valuation deliver slow returns. That is not a criticism of ETH or its technology. It is simply math."

"In the bear case, layer-2 networks, issuers, and applications capture most of the economic value, and ETH stays optional for the system sitting on top of it. Rollup revenue grows off-chain, and stablecoin and tokenized-asset users continue to hold dollars and Treasuries."