"While zero newcomers can afford the chain"

Looks like long-term $ETH supporters are finally realizing what I have been saying for a while.

It's only a matter of time until Ethereum loses the number 2 position in this space. Dominance will be usurped and eventually even the DeFi TVL will move to other chains.

Back in 2022, when BAYC released Otherside NFTs, gas fees on Ethereum reached over $3,000. This means that if you were to send even a few dollars to a friend, you were paying thousands in fees.

This is why I have always said Ethereum will not be the future of finance. It's not a viable chain for scalable financial use cases, and it lacks in almost every area compared to many L1s.

Also, outside of supports ditching Ethereum, many projects and developers have moved onto popular networks like #Hedera because of the same issues. This is why instead of stacking Ethereum, I would rather stack L1s like $HBAR $XLM $XDC $XRP $ALGO, etc.
#ETH