The problem with this analysis is that "revenue" is a tricky word when you are applying it to a L1. "Revenue" is price x quantity sold. It ignores expenses. On the other hand, profit subtracts expenses to get your actual net income. So if you look at transaction fees on Ethereum, the naive view is that this is the revenue. In this view, the revenue is embarrassingly low, especially compared to something like Amazon. This is Santi's view. Another way to understand the transaction fees is that these are not the revenue, but the profit of Ethereum, because Ethereum has no expenses. Amazon grew their revenue dramatically, but not their profit. Amazon continually kept their profit low to reinvest in growth. In 2013, Amazon had a P/E ratio of over 600x—this was because they didn't care about capturing profits yet. Transaction fees that users would be willing to pay but are not charged are counterfactual profit that Ethereum has elected not to charge. By not charging these fees (by, for example, limiting block space, or even just raising the minimum gas fee a la EIP-7918), Ethereum has chosen to forgo profit in favor of future growth. This is a weird way to explain it, which is why I think it's better to analogize Ethereum as a city. If you consider Ethereum is a city has a low tax rate on commerce, it becomes immediately unmysterious what it's doing. Ethereum could raise those taxes if it so chose. Tron has decided to raise its taxes, jacking up fees on the L1 (perhaps detecting that the days of its Tether monopoly are numbered, being threatened by Plasma, Tempo, Arc, etc.), and so monetizing whatever you can now is the rational response. But this aggressive monetization will accelerate the end of the Tron Tether monopoly. One recalls Bezos's maxim: your margin is my opportunity. It also explains why Tron is trading at a lower P/E multiple than Ethereum. The market agrees on weaker prospects of future growth. It's the same reason why Western Union trades at a low P/E multiple in the face of challenges by stablecoin remittance companies. If Ethereum were to raise taxes today, it'd do so at the expense of future growth. And Ethereans—and the market—believe that future growth is coming.

@hosseeb Can you bring Bezos to debate this? Thank you. @notthreadguy moderates