Ethereum is the chain the others are copies of — every Tier-1 fork (a Uniswap, an Aave, a Curve) is a fork of something that ran here first, and EVM compatibility hands every new L1 Ethereum’s developer supply chain for free. It is the only chain that reached builder gravity — the terminal supply tile — organically, alongside the deepest composability and organic liquidity in crypto. The uncomfortable update is that its demand is being unbundled: Hyperliquid took perps, Tron took stablecoin settlement, and Ethereum’s own protocol fees fell behind both. What cannot be forked is the gravity — ambitious builders still default here. Whether settlement and gravity are themselves a demand sink, or merely the substrate the sinks are built on, is the open question its whole valuation rests on.