A couple of colleagues and I just published a 13-page report on Ethereum's future.

Here are some key points and charts:

- Ethereum’s future has never been more in question. The rollup-centric roadmap scaled Ethereum but incentivized protocols like Uniswap to launch their own L2s, causing ETH fee revenue to plummet.

- The Ultrasound Money narrative has stalled. EIP-4844 cut L2 costs by increasing blobs, but further reduced fees paid by L2s to Ethereum. ETH supply has retraced the year of deflation that followed the Merge.

- All isn’t lost. Ethereum leads in key metrics like TVL and stablecoin market cap. A leading 2025 narrative, the tokenization of RWAs, is primarily occurring on Ethereum.

- The ship is turning. The community has raised concerns over L2 prioritization, and the results are showing. New
@ethereumfndn leadership is serious about scaling the L1, improving UX, and continuing to scale blobs.

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The full report can be found here:
https://messari.io/report/ethereums-future-post-pectra

really appreciate seeing quality research on my feed courtesy of the folks at messari. dropped a few thoughts in the thread as well.

Farcaster-native research: https://paragraph.xyz/@matthewb | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes