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The math is brutal. Post-Dencun, blob data on Ethereum Layer2s has been cheap...
Fear
Market Sentiment
92 million ARB released
Independent validator client goes live on mainnet
Block reward reduced to 3.125 BTC
Raises validator limit and account abstraction
Team and early investor shares released
Block reward halving event
Improves data availability sampling efficiency
Circulating supply increases by about 2%
Bitcoin Season