In this episode I read "Public blockchain fee cyclicality and negative feedback loops" by Nic Carter. This is perhaps one of the most important articles of 2020, as it explores a fundamental relationship between on-chain fees and network usage. Carter characterizes this cyclical relationship in the context of the recent DeFi bull market, where an increase in transaction fees "priced out" several retail users. Carter also provides scenarios where this cycle might broken, with solutions like zk-Rollups and/or Optimistic Rollups.

Hope you enjoy the episode!