However, fundamentals for the asset and network are as strong as ever.

On Aug. 11, crypto industry and DeFi analyst Miles Deutscher highlighted some of Ethereum’s bullish fundamentals.

“It’s hard not to be ridiculously bullish on Ethereum,” he said.

Ethereum Fundamentals Strong

Firstly, some of the world’s largest companies, such as PayPal, have chosen Ethereum to launch their products. Earlier this week, Ethereum advocate Ryan Sean Adams said the network is “becoming the money layer of the internet.”

Worldcoin is also using Ethereum and could be a major gas consumer if the digital ID project takes off.

It’s hard not to be ridiculously bullish on Ethereum.

Here are 9 reasons why.

• The biggest new projects are choosing to launch on ETH (PayPal stable coin, Worldcoin etc.)

• The ETH L2 thesis only continues to gain traction: Base launch, TVL at highs + strongest funding of…

— Miles Deutscher (@milesdeutscher) August 10, 2023

The Ethereum layer-2 ecosystem is also growing at an accelerated pace, with networks such as Coinbase’s Base launching on L2. According to L2beat, total value locked across the ecosystem has surged 150% since the beginning of the year to an all-time high of $10.5 billion.

Additionally, EIP-4844 is on the horizon, which will substantially reduce fees on layer-2 networks.

Ethereum staking continues to grow, with almost 20% of the entire supply, or $42.5 billion worth of ETH, now staked and securing the network.

Furthermore, Ethereum’s total fee revenue is higher than all other protocols combined.

Ethereum issuance remains deflationary, with the total supply declining by around 303,000 ETH sin