Ethereum issuance is less than 1% for the foreseeable future, which is less than Gold Using Ethereum L2s means relying on centralized sequencers and if using ZK, relying on external infrastructure for data availability Ethereum L1 is optimal for keeping tokenized assets onchain because it's: 1) decentralized, 2) censorship resistant 3) reliable (with zero downtime) and 4) credibly neutral Ethereum is essentially programmable Bitcoin that can transfer unlimited kinds of tokens as well as ETH The evolution of money is unlikely to stop at a network that transfers only one type of token at 7 transactions per second and costs $7bn per year in electricity (that's $1bn per 1 TPS)