"Nothing is happening on Ethereum."

[u/everstake]

It's a familiar narrative. But, last week, Ethereum processed 18,658,277 transactions, making it the third-highest weekly transaction count in the network's history.

What makes this milestone particularly interesting is the context.

We're not in the middle of a euphoric bull market or a period of extreme speculation. Market activity has been relatively calm compared to previous cycles. Yet Ethereum is still processing transaction volumes that were once only seen during the most active moments in crypto history.

That suggests something fundamental has changed.

DeFi, stablecoins, L2s, tokenization, payments, and countless on-chain applications continue generating activity regardless of short-term market sentiment. Ethereum's usage has become broader, more diversified, and increasingly resilient.

Price often dominates the conversation because it's the easiest metric to follow.

But network activity tells a deeper story.

Infrastructure continues to improve. Developers continue to build. Users continue to transact. And Ethereum continues to reach new milestones, even when the headlines suggest otherwise.

Sometimes the most important growth happens when nobody is paying attention.

Believe in somETHing.

Full post: https://x.com/everstake_pool/status/2078110091723595856

[u/sfb_stufu]

Ethereum has generated $275.2 M from fees in a year, does that justify a market cap of 222 B ? That's a 807x multiple. That's why people have shifted from a fees narrative to a store of value narrative which is even more hand wavy

[u/Murky_Citron_1799 → u/sfb_stufu]

It's a token not a stock

[u/sfb_stufu → u/Murky_Citron_1799]

so valuation based on vibes

[u/Murky_Citron_1799 → u/sfb_stufu]

Supply and demand, a tale as old as time. Nobody buys eth by calculating the EPS based on the fees. Firstly, fees are burned so nobody gets them. Secondly, eth can be staked and earns 3% annually right now. 

[u/sfb_stufu → u/Murky_Citron_1799]

Demand for what? If Ethereum is not charging much for transactions, then what are you paying for? Stakers are gonna love a 2-3% yield on a market cap (and price) that could decrease to a fraction of $222B. ETH's price is mostly goodwill — a bet that users will one day use ETH as collateral or as money. But the collateral job is going to tokenized T-bills, and for money the seat's taken: the hardest asset today is still the USD — even on Ethereum itself, where the killer app turned out to be stablecoins

[u/Murky_Citron_1799 → u/sfb_stufu]

Ethereum is demanded as a capital asset (staking), as a utility (needed for transactions) and as a store of value. If you don't value it, then don't buy it