ETHEREUM HAS DISRUPTED ITSELF

Summary from the TLDR Crypto newsletter

Since EIP-4844, Ethereum L1 fees (including base fees, priority fees, and MEV tips) have significantly declined as more activity moves to L2s, with base fees down 99% from their 2021 peak and 92% from the 2022 bear market bottom. This shift reduces validator rewards and raises issuance, making Ethereum's future value increasingly tied to the scalability and fee-generating capacity of blobs from L2s, which could become a bottleneck if transaction volume grows too quickly.