"ETH as fee-burning token never was as strong as it seemed" Gas fee-burning was probably one of the most copied token utilities across chains then, and it turns out it doesn’t contribute as much as it ideally would e.g. how much fees flowed to ethereum from the robinhood chain rally? Over the last 30 days, Ethereum burned 2,705 $ETH and issued 89,453 $ETH (the burn covered about 3% of new supply) I remember when ETH was supposed to enter its “ultrasound money” phase after The Merge cut issuance enough for the burn to outpace it It did succeed for a while till gas fees/blob space became cheaper which meant the deflationary mechanics became weaker = ETH supply is now growing at 0.86% a year And with chains also offering stablecoins like USDC as gas fee, it further threatens what ETH is to be A change really needs to happen for ETH as a token to hold its weight