Ethereum

What role does ETH mainnet play in this cycle?

With so much attention being driven to L2s like @base it begs the question... are people ever going to use L1 again?

Is that a bad thing if the answer is no? And what does that mean for ETH as a store of value?

Discuss.

Onchain is the new online - FID 206 -  cooprecords.xyz

It does seem that there’s a fundamental tension between ETH as sound money and ETH as cheap L1 network for rollups. I feel like that tension is finally being talked about.

Policy Communications at Consensys; Ex-Circle Strategy, Crypto Startup Advisor. Snibbmaster.base.eth

Idk why there's tension.

The more ETH gets used as a hub for L2s, the more sound that money gets. ETH becomes a way to hold a stake in every single rollup and app that is part of the entire ecosystem.

Well people usually define “sound” as being deflationary. By reducing the fees on L1 through blob space, that has since stopped happening. But if you don’t do that, people complain L2s  are too expensive too. So you’re damned if you do and damned if you don’t.

True, there has to be some balance between the two. ETH supply is up sharply post-Decun and staking has been relatively flat since then.

Blobs aren't a one size fits all solution for L2s, as the ecosystem grows I'm confident we'll see more applications that need direct EVM access on L1 fill up the block space.