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GM. This is Milk Road โ the all-in-one body wash of crypto (news, insights, laughs).
Hereโs what we got for you today:
- โ๏ธ $ETHโs fees are back (just like that)
- โ๏ธ Three charts signaling potential trend reversals
- ๐๏ธ The Milk Road Show: Can Sui or Aptos dethrone Solana?
- ๐ช Caroline Ellison was sentenced to two years in prison for her role in the FTX collapse
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
$ETHโS FEES ARE BACK (JUST LIKE THAT) ๐ค
โIโm back baaaby!โ
Thatโs what Dereck Stevenson (a dude from our high school) yelled โ fist raised in the air โ while standing proudly atop the kitchen table at our graduation after party. ๐ฅณ
The moment held particular weight, โcause not 5 minutes before that โ Dereck had fallen 10ft through a plate glass window and onto our friendโs momโs azalea patch.
Weโre telling you this, because right now Ethereum is giving big Dereck Stevenson energy.
$ETHโs fees are back baaaby! ๐ฃ
Since rate cuts were announced on September 18th, $ETH has made a tidy gain from $2.3k to $2.65k โ and all of the increased trading that helped lift prices, has brought fees up along with it.
Which is neat!
โฆbut it doesnโt paint the full picture of $ETHโs โfee revenue renaissance.โ
See, back in March, EIP-4844 launched โ essentially lowering the amount of fee revenue paid in rent to the Ethereum L1, by L2โs.
There was a big hullabaloo about how โEthereumโs lowered rent is going to hurt its price.โ
(Yeah, thatโs right: โhullabaloo.โ We said it โ and weโre standing by it).
In the short term, that theory appeared to prove itself out (weโve all witnessed $ETHโs struggles in 2024). ๐
But it overlooked the bigger picture.
Long term, the lowered running costs for L2s meant they could scale more effectively (keeping fees low, even as their user base grew) โ which, in theory, would eventually lead to an increase in fee revenue on the L1.
With the magic trick being attempted here, looking something like this:
$ETH maintains/grows its fee revenue โ while L2 ecosystem users transact at lower costs, at scale.
And that โ right there ๐โ is whatโs making up the other half of the โ$ETH fee revenue renaissanceโ pictureโฆ
Transactions within the L2 ecosystem are up โ way up โ like, โbreaking all-time highsโ kind of up! ๐
While engagement is following suit. ๐
Zooming out, what do we have?
- Increased fee revenue for $ETH โ
- Low cost transactions for L2 users, at scale โ
Add those two things together, and โ so far โ it looks like Ethereum is pulling off its magic trick.
(โIโm back baaaby!โ โ Dฬถeฬถrฬถeฬถcฬถkฬถ ฬถSฬถtฬถeฬถvฬถeฬถnฬถsฬถoฬถnฬถ Ethereum).
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THREE CHARTS SIGNALING POTENTIAL TREND REVERSALS ๐
You know that trope in films where a dog will predict danger, and somehow inform the lead character?
Dog: *.ears perk up, starts barking.*
Lead character: *.eyebrows raise.* โWhat is it boy? Trouble at the old mill??โ
Yeah, well โ weโre that character, and these charts are the barking dog.
Check this out:
1/ $BTC looks like it might be in the midst of a good old fashioned โvertical accumulation.โ
2/ Funding rates indicate futures traders may be about to flip bullish on $ETH
3/ Solana is making its seventh attempt at breaking out of this long term wedge pattern
*.Eyebrows raise.*
โWhat is it boy? Banana zone approaching??โ ๐
CAN SUI OR APTOS DETHRONE SOLANA? ๐
Sui and Aptos are on one helluva tear right now!
(Pumping 44% and 38.9% respectively, over the past 7 days).
So in today's episode of The Milk Road Show, we brought in Milk Roadโs Head of Research, Kyle Reidhead, to discuss whether Sui and Aptos have what it takes to challenge Solana's dominance in the market.
In this episode, we grill Kyle for answers on questions like:
- Are either Sui or Aptos the next Solana killer?
- Who will win in terms of price in this cycle?
- Why is Sui going up in price right now?
Click below to listen now! ๐
YouTube | Spotify | Apple Podcasts
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Caroline Ellison, former CEO of Alameda Research, was sentenced to two years in prison for her role in the FTX collapse. Her cooperation with prosecutors, including testifying against Sam Bankman-Fried, led to a reduced sentence.
Visa will launch its Tokenized Asset Platform (VTAP) in 2025, enabling banks to issue fiat-backed tokens on the Ethereum blockchain. This initiative aims to improve transaction privacy and security.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
