The Dencun upgrade is the missing context. L2s posting data cheaply means more transactions but less ETH burned per unit of activity. Volume up, burn down, price flat all makes sense once you understand that mechanic. The thesis is intact, just slower. Been stacking through it and parking idle ETH in nexo earning me yield while waiting for the next leg.
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The Dencun upgrade is the missing context. L2s posting data cheaply means more transactions but less ETH burned per unit of activity. Volume up, burn down, price flat all makes sense once you understand that mechanic. The thesis is intact, just slower. Been stacking through it and parking idle ETH in nexo earning me yield while waiting for the next leg.