📉 Ethereum L1 Network Revenue Has Plummeted 99% Since March 2024!

- From March 5, 2024, when fees reached $35.5 million, to August 31, when they fell to $566,000.

- The Dencun update lowered fees for L2 transactions, causing an explosion of competing solutions.

- There are currently 74 L2 projects and 21 L3 projects on the market.

- Low fees have reduced demand for ETH, increasing its supply and pushing the price below $3K.