IS ETH NO LONGER ULTRA-SOUND MONEY?

Summary from the TLDR Crypto newsletter

August was one of the worst months for Ethereum mainnet fee generation since early 2020. Since blobs, L2s no longer pay meaningful ETH fees, though they continue to grow in value capture and transaction execution. However, it is generally good that fees are not prohibitively high, and its actual value could come from being the money of choice for L2s. With a current inflation rate of around 1%, it is no longer ultra-sound money but is still more sustainable than alt L1s.