Post #2266

Ethereum cycles are demand-driven. 2017 was ICO capital formation, 2021 was DeFi and NFTs, and now the market is being anchored by stablecoin settlement and RWAs. What stands out is that each cycle moves closer to real economic activity. We went from speculative fundraising to financial primitives, and now to actual payment rails and tokenized assets. This shift lowers reflexivity but increases durability, meaning slower hype cycles, but stronger long-term value capture for Ethereum.