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Ethereum’s L2 roadmap solved user fees.
It created a structural problem for ETH price that 3 upcoming hard forks still don’t fix.
Here’s the mechanism:
Dencun massively reduced L2 fees.
Pectra added more blob space.
Every upgrade pushed more activity away from Ethereum L1.
Which means:
> lower L1 fees
> lower ETH burn
> higher net supply growth
The loop became self-reinforcing.
Ethereum scales.
L2 activity grows.
ETH burn weakens further.
That tradeoff was never explained clearly enough to ETH holders.
Meanwhile:
> ETH: -5.1% weekly
> BTC: -5.1% weekly
The market is repricing the difference between network growth and asset value accrual.
JPMorgan already doubts Glamsterdam and Hegota materially change this dynamic.
Because scaling alone does not automatically restore ETH demand.
At some point Ethereum needs either of:
> L1 fee activity returning
> new demand model for ETH beyond burn mechanics
Both are possible, neither is certain.