The pattern rhymes, the economics don’t. Cosmos appchains are sovereign, own validators, pay the hub nothing. I watched this firsthand at the dYdX Foundation when dYdX left Ethereum to become its own Cosmos chain: full sovereignty, zero owed back. That’s the Cosmos model, value routes out and never returns. ETH L2s are the opposite: settle to L1, post blobs, pay for DA, price in ETH. The leak is real but there’s a return pipe, 4844 built the fee market for it. That never existed for ATOM. And the framing misses what ETH optimizes for: censorship resistance, open source, privacy, security. ATOM’s redesign chases fee-capture because it’s all it had left. ETH secures billions in DeFi, stables, and RWA on its own base layer, plus the deepest builder community in crypto. EVM is where developers actually are. So this isn’t ETH following ATOM. It’s ATOM trying to become less unlike ETH.