2 hours ago
Ethereum L2s clearly won on usage: ~$46.8B TVL and over half of all crypto liquidity now sits there, with fees no longer the bottleneck.
But that success is not flowing back to L1, where blob revenue has struggled to hold even $1M per day since Dencun. So the stack is scaling, but value capture is drifting away from the base layer. That gap matters, because Ethereum’s long-term security model still depends on sustained L1 fees.
Right now it looks less like a closed loop and more like a one-way expansion, where activity grows but monetization stays fragmented.
_
〽️ Crypto Pulse 👉 @degendaoinfo #crypto
But that success is not flowing back to L1, where blob revenue has struggled to hold even $1M per day since Dencun. So the stack is scaling, but value capture is drifting away from the base layer. That gap matters, because Ethereum’s long-term security model still depends on sustained L1 fees.
Right now it looks less like a closed loop and more like a one-way expansion, where activity grows but monetization stays fragmented.
_
〽️ Crypto Pulse 👉 @degendaoinfo #crypto
