π₯$ETH’s fees are back baaaby! π We have the charts to prove it…
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GM. This is Milk Road β the all-in-one body wash of crypto (news, insights, laughs).
Hereβs what we got for you today:
βοΈ $ETHβs fees are back (just like that)
βοΈ Three charts signaling potential trend reversals
ποΈ The Milk Road Show:Β Can Sui or Aptos dethrone Solana?
πͺ Caroline Ellison was sentenced to two years in prison for her role in the FTX collapse
$ETHβS FEES ARE BACK (JUST LIKE THAT) π€
βIβm back baaaby!β
Thatβs what Dereck Stevenson (a dude from our high school) yelled β fist raised in the airΒ β while standing proudly atop the kitchen table at our graduation after party. π₯³Β
The moment held particular weight, βcause not 5 minutes before that β Dereck had fallen 10ft through a plate glass window and onto our friendβs momβs azalea patch.
Weβre telling you this, because right now Ethereum is giving big Dereck Stevenson energy.
$ETHβs fees are back baaaby! π£Β
Since rate cuts were announced on September 18th, $ETH has made a tidy gain from $2.3k to $2.65k β and all of the increased trading that helped lift prices, has brought fees up along with it.
Which is neat!Β
β¦but it doesnβt paint the full picture of $ETHβs βfee revenue renaissance.β
See, back in March, EIP-4844 launched β essentially lowering the amount of fee revenue paid in rent to the Ethereum L1, by L2βs.
There was a big hullabaloo about how βEthereumβs lowered rent is going to hurt its price.β
(Yeah, thatβs right: βhullabaloo.β We said it β and weβre standing by it).
In the short term, that theory appeared to prove itself out (weβve all witnessed $ETHβs struggles in 2024). πΒ
But it overlooked the bigger picture.Β
Long term, the lowered running costs for L2s meant they could scale more effectively (keeping fees low, even as their user base grew) β 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:Β
$ETH maintains/grows its fee revenue β while L2 ecosystem users transact at lower costs, at scale.
And that β right there πβ is whatβs making up the other half of the β$ETH fee revenue renaissanceβ pictureβ¦
Transactions within the L2 ecosystem are up β way up β like, βbreaking all-time highsβ kind of up! π
While engagement is following suit. π
Zooming out, what do we have?
Increased fee revenue for $ETH β
Low cost transactions for L2 users, at scale β
Add those two things together, and β so far β it looks like Ethereum is pulling off its magic trick.
(βIβm back baaaby!β β DΜΆeΜΆrΜΆeΜΆcΜΆkΜΆ ΜΆSΜΆtΜΆeΜΆvΜΆeΜΆnΜΆsΜΆoΜΆnΜΆΒ Ethereum).
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THREE CHARTS SIGNALING POTENTIAL TREND REVERSALS π
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:Β *.eyebrows raise.*Β βWhat is it boy? Trouble at the old mill??β
Yeah, well β weβre 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 βvertical accumulation.β
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.*
βWhat is it boy? Banana zone approaching??β π
CAN SUI OR APTOS DETHRONE SOLANA? π
Sui and Aptos are on one helluva tear right now!Β
(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 Roadβs 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! π
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD πͺ
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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 sentenceβ.
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 securityβ.
Join forces with the Milk Man! Weβre looking for a Twitter Specialist + Content Creator who can mix crypto knowledge with top-notch tweets. Think youβre the one? Apply today and letβs get this show on the road!
*this is sponsored content
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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.
