Ether Soars in 2023 as Deflationary Pressures and Crypto Innovation Boost Demand
• Ether has outperformed bitcoin in 2023, rising 33% year-to-date vs bitcoin's flat performance
• Ether supply is deflationary since the merger, leading to appreciation of existing ether
• More ETH being locked up in staking pools, DeFi, layer-2s - constraining supply
• Growth of DeFi and NFTs driving more activity and fees on Ethereum, accruing value to ETH
• Upcoming Dencun upgrade in March expected to further reduce layer 2 fees and drive volumes