That baked-in inflation rate is only about half a percent annually, less than a third of Bitcoin's current rate of 1.7%. But Ethereum's issuance is offset by th

That baked-in inflation rate is only about half a percent annually, less than a third of Bitcoin's current rate of 1.7%. But Ethereum's issuance is offset by the fee burn. Since the merge, the total ETH supply has actually decreased by 4000 ETH. You can track it here: https://ultrasound.money/ https://ultrasound.money/ I don't see the reliance on large exchanges. There are plenty of solo stakers and the protocol gives them the same rate of return as large exchanges. That's an improvement over the economies of scale that large miners typically achieve. People without 32 ETH can use a decentralized staking pool, just like most solo miners use pools. Total stake is under 15% of ETH so it's not a huge hit to liquidity. The real bottleneck for p2p value exchange is transaction rates, and on that front Ethereum is coming along quite well. If it were only doing ETH payments, it would be capable of 700 tx/sec today on chain. It actually does fewer since many of its transactions are more complex, but rollups multiply that significantly, and upcoming scaling improvements should get them to 100K tx/sec within the next several years, while still maintaining full trustlessness.