How can ETH become more valuable without relying on high transaction fees and token burns? I see three connected layers. 1️⃣ ETH as a Store of Value Ethereum's decentralization, censorship resistance, security, and long-term resilience make ETH a candidate for a credible monetary asset. The value proposition is the ability to hold and transfer value on infrastructure that no single party controls. 2️⃣ ethereum:0xd9a442856c234a39a81a089c06451ebaa4306a72: Making ETH Productive Holding ETH and using ETH don't have to be mutually exclusive. With Puffer staking, users can stake ETH and receive ethereum:0xd9a442856c234a39a81a089c06451ebaa4306a72 , a liquid restaking token representing their underlying staked assets and accumulated rewards. This allows ETH holders to earn staking yield while retaining a transferable asset they can use across DeFi. Of course, additional yield and liquidity come with additional smart-contract, restaking, and liquidity risks. 3️⃣ Staked ETH as Economic Security ETH can also provide economic security beyond Ethereum's own consensus. Through staking infrastructure, eligible staked assets can support services such as Puffer Preconf. @puffer_preconf is designed to use slashable economic commitments to hold operators accountable for their execution promises. This creates another role for ETH: capital backing the reliability of infrastructure built on Ethereum. What does this mean for Ethereum's economic model? ETH can serve multiple purposes: 1. Monetary asset: Held for its long-term store-of-value properties. 2. Productive asset: Staked to earn rewards, with pufETH providing liquid exposure to that position. 3. Security asset: Restaked under defined conditions to support additional infrastructure. And Ethereum rollups like @puffer_unifi can expand the applications that benefit from that infrastructure without requiring high L1 transaction fees. The interesting question is how much economic value ETH can support, and how much demand that creates for holding it.