If $ETH breaks a new high, will the concepts within the Ethereum ecosystem benefit? My answer is yes. But the premise is that you and I both believe that ETH will maintain this state in the coming time. If you think that ETH breaking a new high is just a flash in the pan, then you don't need to read the rest. Note that here we are talking about the ETH ecosystem, which includes L2, LST, LRT, and involves assets like $ARB, $OP, $EIGEN, $LDO, $ETHFI. L2 part: Arbitrum and OP can basically be considered L2 infrastructure, rather than just ordinary Rollups. OP Superchain has the highest market share, with top exchanges like Coinbase and Upbit in this camp, along with Unichain and Worldchain. On the Arbitrum side, there’s Robinhood. Currently, it seems that institutions and exchanges launching chains are unlikely to stray from these two solutions, which have a very high moat. LST and LRT part: There are more solutions here, but small ones have basically no survival space. From the perspective of institutions, it’s better to create their own solution. For a long time, the market believed that institutional staking and ETF staking would likely lead to self-built solutions, so LST and LRT were not discussed for a long time. However, with the emergence of DAT companies, this situation may change. Some of the old investment institutions in Ethereum have deep penetration, and these institutions have strong interests with leading staking/re-staking protocols. Bitmine has also stated that it will combine the use of liquid staking protocols (e.g., Lido) and native staking partnerships (e.g., Figment). Re-staking has long been considered discredited by the market due to a lack of sufficient clients. This stems from the market's insufficient demand for economic security and verifiability, but it does not mean it is unimportant; rather, the market is currently insensitive to this. Even if you are a data center chain, as long as there is a wealth creation effect and a good experience, the market is willing to accept it. The change here is that for DAT companies, if they accept liquid staking, then accepting re-staking is just a matter of time. The yield will increase by about 2 percentage points, which is significant for institutions. At the same time, the logic and implementation of re-staking are very simple and will not introduce excessive risk. In terms of selectivity, Lido and EigenLayer (EigenCloud) have absolute dominance in their respective fields, and a backup option is Etherfi. Lastly, the story that ETH DAT tells to distinguish itself from MicroStrategy is to invest ETH reserves into ecological construction to promote the growth of Ethereum's overall fundamentals, thereby attracting more traditional investors through this result. This "growth flywheel," if our assumption is valid and you are willing to believe it, then the most easily achievable in the recent context is the several tracks mentioned within the ETH ecosystem.