Back to Blog Deep Dive Analysis

Ethereum On-Chain Flows Post-Dencun: Layer-2 Economics Reshaping the Base Layer

Six months after the Dencun upgrade, Layer-2 transaction economics have fundamentally altered Ethereum’s fee market dynamics. I analyse the on-chain flow data and what it means for ETH as a monetary asset.

Cedric Quillmere

14 July 2025 18 min read

Primary Metric

ETH L2 Fee Revenue: -67% YoY

Full Text Pending

The full body of this deep dive has not been published yet. The summary above reflects the current state of the research. Join the Telegram channel to be notified when the complete analysis goes live.

Join Channel All Analysis

Cedric Quillmere

Independent on-chain intelligence analyst based in London. Specialising in derivatives microstructure, macro-crypto convergence, and quantitative market frameworks. All analysis represents independent research — not financial advice.

Telegram Full Bio

More Analysis

Weekly Market Structure Report

Bitcoin Funding Rates Signal Regime Shift: A Derivatives-First Analysis

Funding rates across major exchanges have converged on negative territory for the first time since March 2023.

Educational Framework

Understanding Options Skew: A Practical Guide for Crypto Traders

What skew measures, how to read it, and why it matters for positioning.