That’s the tragedy of ETH: @ethereum's revenue relative to its fully diluted valuation (FDV) has been on a steady decline since early 2022, and it just fell back to 2021 levels. At its peak, ETH’s revenue/FDV ratio was 1.21 -meaning it was generating $1.21 in annualized revenue for every $1 of fully diluted market cap. Pretty good. Last month, that ratio dropped to just 0.02. In other words, for every $1 of potential market cap today, Ethereum produces only 2 cents in annualized revenue. Yes, L2 scaling has pushed activity off mainnet and reduced direct fee revenue. But even so, that alone can’t justify such a drastic drop in this ratio. Data via @tokenterminal