Aren’t most states ethnically associated…? Like… the US and Canada are anomalous. European countries are particularly accepting of other ethnicities but still have a core ethnicity. Asian countries are usually pretty homogenous. I imagine African countries are, too. Latin America, I’m not as sure.

Or am I misunderstanding the definition of ethno-state?

It’s all pump and dump. Look at Elon with Doge Coin. Look at Trump with his dumbass NFT “cards.” Most initial coin offerings are just pump and dump schemes, and they’re often based on etherium.