There's an interesting debate emerging around what it means if Ethereum evolves into something resembling Linux—essentially becoming foundational infrastructure rather than a speculative asset.

If we think about it this way, the question shifts from "is this a retreat?" to "what does this imply for Ethereum's actual value?"

Linux didn't fail by becoming ubiquitous infrastructure. It just stopped being a get-rich-quick story and became what powers the internet's backbone. That kind of permanence has its own appeal.

So the real tension is: Can Ethereum maintain both trajectories simultaneously? Can it be critical network infrastructure *and* retain the kind of economic incentive structure that attracts capital and builders?

The path to internet-scale adoption still exists, but it might look different than early advocates imagined. Less about replacing institutions, more about becoming the rails beneath them. Whether that's "settling" depends entirely on your original expectations.