Want to grasp what Ethereum truly offers? Stop looking at price charts.

Focus on three things instead: dependency—how deeply integrated it's become in the ecosystem; flows—the actual movement of assets and information across the network; trust minimization—how much faith you actually need to place in intermediaries.

That's where the real public-good value shows up. It's not flashy, but it's where the fundamental strength lives. The infrastructure works because fewer middlemen means lower friction, and lower friction drives adoption.

This thinking shapes how we should evaluate Ethereum's role in Web3. The numbers tell one story, but the mechanics tell another—and the mechanics matter more.