Earlier this year, I listed the various demand drivers of ETH, and opined on how important each were. For me, the most significant demand driver for crypto asset is what “long-term reserve-asset”. Basically, belief in an asset as an alternative store-of-value. Combined with economic collateral and related “money” aspects, which may be collectively categorised as “monetary premium”, I believe this is at least 90% of the value of a crypto asset. Conversely, in the post above, I had rated L1 transaction fee burns, which is responsible for all of the ultrasoundmoney and deflation type memes as a 3 - effectively being very unimportant and overrated. We can look at three of the top 10 cryptoassets to see why this is true.