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Ethereum ecosystem
Ethereum economics after ultrasound money: fees, issuance, burn and Layer 2 value capture.
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ETH after Dencun: issuance is back, the burn is gone
ETH issued ~796K ETH this year and burned ~16.5K. Supply is back above its Merge level, and L2s paid mainnet ~$10M in 2025 vs ~$113M in 2024. The ultrasound money thesis no longer holds, but the ETH case isn't dead.
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