The market is debating whether the value generated by Ethereum's ecosystem will flow back to its token, ETH. As Layer 2 scaling, staking, and EIP-1559 burning grow, network usage and TVL rise, yet ETH price hasn't caught up, fueling concern that value is leaking to L2 tokens and restaking protocols, diluting the burn effect. This long/short collection examines the split: can ecosystem growth anchor ETH's long-term value?
On-chain data, burn rates, and institutional holdings drive the debate on whether ETH can reconnect with its network's fundamental worth in the next cycle.
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