All the talk of "supply down lots" and "muh deflationary ETH"...was it all just another round of whales dumping on you?, what fundamentals have changed for the network, and what fundamentals still need to change if ETH is to deliver on five-figure price targets.First, let's take stock of the price action.
Of course, May 2021 was the peak of the bull market, with ETH trading north of $4,000. Small wonder that the transaction value and active addresses were peaking at a time when everyone and their mother was chasing the next hot shitcoin. However, only having an active address tells us little about theDemand for blockspace can easily be proxied by network fees.
Network fees surged in the 2017 bull market and were flat during the bear market. After another surge until mid-2021, they have been sliding back to bear market levels since. In fact, zooming in on network fees tells us that the DeFi-powered bull market has faded away almost entirely. Ethereum's network fees are trending towards the same levels they were at before DeFi existed:
Total fees are down 90% from bull market levels, as indicated in the first three rows of Messari's analysis:Firstly, the macro is to blame. Yes, here we go again. Macro.
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They call it the merge because, for almost two years, a separate proof-of-stake blockchain, called the Beacon chain, has been whirring alongside the original Ethereum one for developers to test, improve and test again. $HOD $ANN $YELLOW
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Let's see what consequences the ETH merge brought
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As the fundamentals of Ethereum is increasing, projects building on Ethereum will get huge benefits to build there products more efficiently. iExec is one project building on Ethereum since it’s inception, EthereumMerge is welcomed by iExec community in a positive way
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