If the best technology doesn’t seem to win, what separates long-term winners out in these standards battles? I hypothesize that there are two answers. First, developer ecosystem maturity and, second, management team. On the developer side, Ethereum has a dominant share and one that continues to grow. On the management team side, the Ethereum Foundation has long demonstrated the maturity of the ecosystem and its ability to herd all of us cats. The Merge, executed slowly but flawlessly, made this strength visible to the world.