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Sassal.eth 🎩⛽
@sassal.eth
People complaining about Ethereum fee revenue being down are missing the forest for the trees. If Ethereum didn't scale - if blobs weren't introduced - then lots of activity that was on Ethereum would've moved to other layer 1's instead of layer 2's. This would've been a *much* worse outcome for Ethereum than losing fee revenue. Yes, there is currently an imbalance between how much money rollups sequencers make and how much revenue Ethereum L1 collects from rollups, but this is imo a temporary phenomenon. Ethereum is in its hyper-scaling phase and now has excess blockspace with not enough demand to fill it (yet). If you believe in the decentralised future enabled by Ethereum like I do, then you believe that Ethereum is going to grow 1000x and more from here - this is what the focus should be on; not on how much rent Ethereum can extract from the small existing pool of users.
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Corbin Page
@corbin.eth
I don't think the worry is on growth. 1) Will these L2s even need mainnet for settlement or DA? Why choose mainnet if they aren't ETH maxis or innately altruistic (few in crypto are)? This is a continued blindspot for the EF and Ethereum researchers (see recent DeFi debates). 2) L2s will likely enable their own gas tokens as they face price pressure. They have a massive incentive to do so unless they are super ETH aligned (OP). In this world, the EVM wins but ETH fundamentals suffer greatly. Maybe ETH becomes money or ETH staking/restaking yields become digital bonds. But this is the first time in a long time that ETH fundamentals have strong headwinds. Need some new ideas and narrative to emerge.
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