If you want to understand Ethereum’s real-world implications, and its actual value proposition, you need to understand this: The old Internet rewards moats. Web2 giants lock in users, data, and developers behind silos. Integration means absorption. Network effects flow to whoever owns the platform. Ethereum changes that. Any two systems that publish commitments to Ethereum can interoperate without new trust assumptions. No trusted third party custodians or multisigs key holders. Just Ethereum enforcing the bridge. Now ecosystems don’t need to merge to integrate. Rollups, AVSs, and DA layers can specialize and still collaborate by settling to the same source of truth. Finality and zero-knowledge proofs may add latency, but not trust assumptions. The result is a modular Internet: an open, composable stack that breaks the monopoly logic of Web2. Every service competes on merit. Every layer is replaceable. The coordination mechanism that enforces this open Internet is the Ethereum protocol instead of a company's promise. At the limit of Ethereum’s design, composability becomes the default and silos collapse. Network effects accrue to Ethereum as the shared consensus layer. The Internet gains a neutral ground with no centralized authorities. Tangible metrics demonstrate that this modular Internet is already emerging: Restaked ETH via EigenLayer: ~$11 billion TVL ≈ 4.6 million ETH restaked (≈ 3.8% of the 120 million ETH supply). 40 live EigerLayer AVSs with 161 more AVSs under development. Rollup Count: 129 distinct rollups are live today, each inheriting L1 security and settlement guarantees. TVL on rollups: Over $42 billion. This is the essential empirical evidence and the core thesis that institutional and high-net-worth investors need to be aware of and to grasp, respectively, if they want to make informed, long-term bets in crypto. CC: @BlackRock, @Fidelity, @BitwiseInvest, @21Shares, @VanEck_US, @InvescoUS, @Grayscale, @FTI_US