They have raised important question about the future of Ethereum. Especially interesting place for insights is this quotation originally posted by Vision Hill:
Quote
... we are seeing that ETH is not (directly) capturing the value of all the assets launched on its platform; instead, value is getting captured in the applications. There are likely to be several reasons for this, but we think one theory summarizes it best: most applications and tokens (e.g., ERC-20, ERC-721, etc.) built and issued atop Ethereum may, in a large sense, be parasitic to Ethereum. ETH token holders, by holding ETH, are paying for the security of all these applications and tokens, via the inflation rate of ETH that is currently given to the miners. Therefore, ETH token holders are being diluted slowly, but the ERC-20, ERC-721 and other application token holders are not. Such token holders that are building and using systems launched on the Ethereum blockchain benefit from the security that comes from the dilution of ETH holders, but do not currently pay for any of it. As these token holders and smart contract developers utilize gas for transaction fees in order to interact with the base Ethereum blockchain, it does drive demand for ETH, but the problem (currently) is it drives demand for just one block, and then those transaction fees go straight to the miners (who are generally the largest sellers in proof-of-work systems).
My personal opinion is that we can capture more gains by investing in other tokens circulating in top of Ethereum (take as example LINK or SNX bullrun). So, basically, I own 20% of ETH and other 80% are dispersed betwenn other tokens circulating on top of Ethereum network.
What do you think about this? Let's discuss...