What Happened on April. 3rd | $ETH Deflation Continue, Layer 2 Gas Spend New High

Since the merge, $ETH’s supply has reduced by ~75k+ $ETH, compared to an increase of 2.2k ETH issued if it remained PoW, resulting in a selling pressure reduction of $135M over the course of the past 200 days.

Layer 2 demand for Ethereum block space has been rising continuously. In March, Layer 2 gas consumption has more than double that of February, and now accounts for 8.11% of all gas spent on Ethereum.

Biggest Gainers & Losers

Headlines

Arbitrum Foundation Admits 10m $ARB Sold Before Vote, Pledges New Vote and No Further Sales: The Arbitrum Foundation has faced backlash from the community after it held a "ratification" vote on decisions it had already implemented, including selling $ARB tokens for stablecoins even before its governance community of tokenholders had "ratified" the organization's nearly $1 billion budget.

Hot projects on the market

MM.Finance's Public Offering on Arbitrum is 364 times oversubscribed

All Fees of dYdX v4 will go to Validators/Stakers, says Founder

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