not that i really care to debate the whole revenue thing here, but it's obviously a very narrow slice of the pie, and the tourists out there are failing to capture broader dynamics.

on the one hand, fees paid to block producers are clearly a form of revenue ... for block producers. and that's good. no need to debate that. on the other hand, unlike revenue from a business which goes back growth, miner revenue is mostly strictly extractive and a tax on users and apps. there's also block rewards, which are part of the equation, and strictly necessary to secure the system (and yes, yu gotta secure it even if nothing is happening, security shouldn't disappear in times of quiet).

blockchains are businesses in the same way that a nation is a business. the parallels only go so far, and it's clear, therefore, that arguing about on-chain fees as the proxy of growth must be a limited exercise. the proxies of growth are multidimensional, and must include fee revenue, staking rewards, user retention metrics, app usage, venture investments in the ecosystem, number of nodes, etc.