Ethereum Has a Weird Problem: Success Can Make Its Numbers Look Worse 😬 There's an odd thing happening with $ETH as more execution moves away from mainnet. Some of the developments designed to make Ethereum more usable can also make traditional measures of mainnet activity look less impressive. If users can transact cheaply through Layer 2s, there's less reason for every small transaction to compete directly for Ethereum blockspace. Looking only at mainnet transactions or fees can therefore produce a strange conclusion: improvements that successfully move activity elsewhere may initially look like declining usage. I think this makes Ethereum increasingly difficult to analyze with one dashboard. You have to decide whether you're measuring Ethereum the blockchain or Ethereum the broader economic system built around it, because those two views can now give you surprisingly different answers. #ETHBlockchain #ETHFoundation