ETH is close to its ATH - yet the fees earned on Mainnet are at the same level as in May, when ETH’s price was more than 50% lower. Two major upgrades, Dencun (March 2024) and Pectra (May-2025), slashed L1 costs. The result: - Fee revenue fell from $100M+ weeks to low single-digit millions - Price has decoupled from fee capture for the first time in years - The L1 premium is now about settlement dominance, not expensive blockspace - @ethereum traded the “scarcity” narrative for ecosystem scale & rollup adoption - which still hasn’t taken off meaningfully This is a turning point and proof that a chain can rally without high L1 revenue, and a warning to those banking on “high fees = high token price” as a universal rule. Data: @tokenterminal