On September 6, renowned DeFi researcher Ignas highlighted a stark income disparity in Ethereum's L2 ecosystem. He noted that Robinhood's L2 paid only about $722 to the Ethereum base layer on September 5, while Robinhood itself generated a record $6 million in fee revenue, with roughly 10% flowing to Arbitrum and negligible amounts reaching Ethereum L1. Ignas questioned whether this structure, where platforms earn big while the settlement layer earns little, poses a problem for Ethereum. He suggested Ethereum may be using low fees to attract TradFi, with plans to raise extraction after user switching costs increase, but noted the current roadmap lacks such a strategy.
On September 6, well-known DeFi researcher Ignas pointed out a significant imbalance in revenue distribution within Ethereum's L2 ecosystem. He cited Robinhood's L2, which on September 5 paid only approximately $722 to the Ethereum base layer. In contrast, Robinhood itself recorded a record $6 million in daily fee revenue, with about 10% going to Arbitrum and virtually nothing reaching Ethereum L1.
Ignas questioned, "Is this structure, where platforms make big money while the settlement layer earns almost nothing, actually a problem for Ethereum?" He argued that Ethereum might be using low fees to attract traditional finance (TradFi) into the ecosystem, with the intention of raising extraction costs once user switching costs become high enough. If the official roadmap includes a strategy of "first attract L2s heavily, then monetize L1 after switching costs rise," that could be bullish for ETH.
However, Ignas noted that the current Ethereum roadmap does not explicitly show such a strategy.
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