I have discussed about the various demand drivers for ether on Twitter and Reddit many times before. There was never enough material to expand it into a blog post, but I have found a thought experiment that may be intriguing - how we can estimate what ETH’s demand profile looks like, i.e. why people are buying ETH, and how much for each reason. Unfortunately, I have zero programming skills and have no idea how to analyse on-chain data, but perhaps others can. Looking at you, Data Always! It is important to note that it’s not just Ethereum L1, but also L2s, sidechains, alt-L1s - all chains with ETH bridged count. There’s a fair bit of forensics involved, and it’ll never be perfect - but that’s alright we’re only estimating. There are many nuances here, and I’m simplifying it to 10 categories, leaving out some niche ones. Feedback welcome, as always! Here goes the list, in descending order of quality, in my subjective opinion out of 10: