Seeing a lot of wild takes on the timeline about Robinhood Chain launching and being bearish for Ethereum. Unsurprisingly, Ethereum’s well-known permabull @TrustlessState also chimed in with some yin-yang commentary. The main points of the yin-yang take: @RobinhoodApp Chain, as an Ethereum L2, could cause fragmentation and weaken ETH’s value capture ability. Here’s my two cents: First off, Robinhood Chain shouldn’t be seen as a competitor to Ethereum. In other words, Ethereum’s core positioning has long surpassed being just a general-purpose smart contract blockchain. Its goal is to become the global settlement layer, providing settlement services and Ethereum-level security for numerous L2 chains, including RH Chain. So, ETH’s value capture ability is different from weakly empowered L2 governance tokens, and also different from the other extreme of highly directly empowered HYPE tokens. It’s more of a middle ground between the two. Once RH Chain launches, ETH will immediately become its most critical settlement asset (base unit of account/gas token, etc.). This can be seen as RH Chain indirectly empowering ETH. As for RH Chain’s direct empowerment of ETH, I’ve mentioned it in this QT tweet as well: RH Chain, as a major Ethereum DA consumer, will pay blob fees and permanently burn ETH, contributing to its deflationary effect. As Ethereum continues to refine its role as the foundational infra for settlement layers (Fusaka upgrade + BPO1/2 block expansion, Lean upgrade, etc.), new public chains like RH Chain aligning directly with Ethereum will increasingly become the politically correct move. That’s all.