great work, though don't have an enterprise sub atm so can't see the whole thing. a few thoughts:

- if you were charting ethereum protocol revenue like a token, you would never buy that chart. looks ugly.

- totally agree re: the rollup-centric roadmap, basically boils down to a lack of alignment between L2s and ethereum. running a popular L2 sequencer is quite profitable, so the incentive is strong for popular apps to own their stack and deploy their own chain.

- another big question on the horizon is how monad and megaeth will eat into ethereum's market share as they compete alongside solana and other high throughput chains.

we spoke previously about charting ETH/USD vs. avg gas, previously I believed that there was a plausible correlation between the two. looking at 2024 heading into 2025, I believe this is becoming less and less the case. haven't looked closely but you could argue that ETH's price action is becoming less correlated to its protocol revenue.

Matthew was born for research and analysis. 

It’s only a matter of time that someone will be lucky enough to have him on their team.