$ETH Burn Data Is Easy to Read the Wrong Way Ever since Ethereum introduced fee burning, people have become obsessed with whether $ETH is inflationary or deflationary at any given moment. It's an interesting metric, but I think treating deflation as automatically bullish misses what actually determines how much ETH gets burned. More network activity generally means more fees and potentially more ETH removed from supply. If activity becomes cheaper or shifts toward Layer 2s, less ETH may be burned on mainnet even if the broader Ethereum ecosystem is functioning exactly as intended. In other words, lower burn can sometimes accompany improvements in scalability. That's what makes Ethereum's monetary policy interesting to follow. Supply isn't changing according to one simple issuance schedule anymore; issuance, staking and network demand all interact. I'd rather understand what's causing the supply change than celebrate the word "deflationary" by itself. #ETHBlockchain #ETHFoundation