I never held ETH even before reading David Hoffman's deep dive last week. Most of my capital was already in TAO and HYPE. But I fully agree with the core thesis. The ETH is money narrative has simply hit its practical ceiling. I've followed Ethereum since the early days, both as technology and as a financial asset. The network delivered on most of its promises. The asset did not. Here is why I exited and am reallocating elsewhere. First, Ethereum was built as a giver, not a taker. It provides the most secure block space in crypto at cost to L2s and applications. It tokenizes assets for the world at low cost. Noble design, explains growing adoption. But the base layer captures insufficient economic value to drive sustainable ETH revaluation. L2s keep the margin. Apps eat the rest. That was always the design. Second, smart contract L1 price performance tracks fee and revenue dominance. Data is consistent across cycles: ETH dominance in 2021 matched peak fee share. SOL's run matched fee explosion. NEAR's recent pump matched token burn growth. Ethereum no longer holds that dominance. It has normalized. Without a clear path back to overwhelming fee leadership, ETH's revaluation has stalled. Third, the self-sustaining democratic financial system never achieved the coordination and cultural momentum needed for ETH to become default money. Stablecoins exploded on Ethereum, but they reinforce dollar dominance more than ETH. Tokenized real-world assets will do the same. Utility flows through Ethereum, it does not accumulate in ETH. From a macro and portfolio perspective, this is decisive. I allocate where I see the highest probability of asymmetric returns. ETH now offers network growth without corresponding asset gains. It trades like infrastructure equity with capped valuation rather than scarce money. In today's environment, higher real yields exist elsewhere, clearer scarcity narratives live in other assets, and relentless competition for block space means ...