ETHEREUM'S IDENTITY CRISIS

Summary from the TLDR Crypto newsletter

Ethereum revenue has dropped 99% year-to-date, challenging the “ultrasound money” narrative that relies on fee burning for value accrual. The activity shift to L2 solutions has reduced fees and MEV revenue for the base layer, while the L2s retain most of the execution fees and sequencing rewards. Though some now advocate for its role as “programmatic money,” this stance faces competition from stablecoins and the potential abstraction of ETH as a gas token on L2s.