According to @glassnode, Ethereum’s Total Fees Paid per Day on the 90-day SMA have fallen below 300 ETH per day since early November, marking the lowest level since July 2017, which signals subdued on-chain demand relative to recent years. source: Glassnode glassno.de/4piYWqq Under EIP-1559, the base fee portion of transaction fees is burned, so lower total fees mechanically translate into a lower ETH burn rate. source: Ethereum.org ethereum.org/en/developers/docs/gas A lower burn rate reduces deflationary pressure on ETH supply and increases the likelihood of net positive issuance when burn falls below staking issuance, a key input for traders tracking ETH supply dynamics. source: Ethereum.org ethereum.org/en/roadmap/merge Validator fee income from priority tips contracts when network fees decline, which can compress staking rewards derived from tips and MEV, an important consideration for yield-focused ETH strategies. source: Ethereum.org ethereum.org/en/roadmap/merge

According to @MilkRoadDaily, $6.6B of ETH is staked and generates about $200M per year in staking revenue, source: @MilkRoadDaily. This arithmetic implies an approximately 3.0% annualized staking yield that traders can use as a benchmark for ETH staking strategies and validator returns, source: @MilkRoadDaily. @MilkRoadDaily also shared an explainer video on how ETH staking revenue works, offering context for positioning in staking-related exposures, source: @MilkRoadDaily.