maybe we underestimated how much no roll ups/high gas fees/NFT craze of last cycle contributed to ETH prices. 

if you were active then you were constantly topping up on ETH. not so much any more

icebreaker.xyz/0xen |
https://gallery.so/Oxen/galleries | https://opensea.io/collection/farcats

And the pricing of nfts in ETH, whereas this cycle you have alternative asset pricing.  Example, most of the gaming assets on Ronin are priced in $RON so you don’t need ETH in the same way.

Combined with L2s etc and there is much less cyclical demand.

On other hand 1559 exists.

Growing veggies for the fine folks of Southeastern Massachusetts, w/ a focus on nutrient quality. Always interested in the evolution of digital payments.  🎩 

not nearly as much buy pressure from retail all the way around.