The fact that foundational innovations have been overlooked in the past does not imply that ETH is being mis-valued now. These lazy arguments are part of why the Ethereum community is in such a difficult position now. ETH has two main problems. One is a demand issue. The other is a value capture issue. The Ethereum community has done essentially nothing to resolve these issues and ETH prices reflect that and will continue to reflect that until these issues are solved. On the demand issue, the most widely used applications on Ethereum are DeFi applications and the economic value of those applications depend on widespread usage. For example, when a given DEX has high liquidity provision, it generates low trading costs and can thereby sustain high trading volume. At the same time, the same DEX could generate low trading volume and low liquidity provision because low liquidity provision implies high trading costs which implies low trading volume that then re-enforces the low liquidity provision. This is known as multiple equilibria and it is a common feature in platforms. Crucially, platforms do not drift into the good equilibrium on their own. Someone has to build the user base that gets you there, which means actively engaging outside the crypto community. The Ethereum community has shown no sign of doing this: over one year after the end of the Gensler SEC, Ethereum remains largely unknown beyond the crypto community and that is a horrible sign. On the value capture issue, there is a gap between Ethereum the blockchain and ETH the asset. If stablecoins are widely traded on the Ethereum blockchain but the gas fees generated are too low, that does not imply meaningful ETH demand. Here, again, the Ethereum community has been largely obtuse about understanding this point and trying to resolve it. Ethereum was an excellent idea with the potential to be transformative. However, transformative ideas can fail without effective execution. In this context, effective execution means resolving the two core issues rather than pretending they do not exist.