ETH revenue got crushed vs 2021 peaks, but that peak was driven by congestion.

Now:
– Activity moved to L2s
– Fees dropped → better UX
– Revenue shifted, not disappeared

So yeah, L1 looks weaker on paper, but the ecosystem is actually bigger.

This is the trade-off: ETH optimized for scale → sacrificed fee capture.

Next question for the market: can ETH reclaim value from L2s, or does value keep leaking up the stack?
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〽️ Crypto Pulse 👉 @degendaoinfo #crypto