Bitmine Chairman Tom Lee pushed back on a market view that Ethereum is being hollowed out by Layer 2 networks. In a post on X, Lee said he does not agree with the idea and argued that Ethereum’s base layer is still strengthening its role as the main economic settlement hub. He said that while Layer 2 networks are bringing tens of millions of real-world users into the onchain ecosystem, Ethereum mainnet continues to consolidate its position at the center of settlement activity. Lee also pointed to Fast Confirmation, saying the mechanism can reduce transfer friction by about 98%. He added that Ethereum could become the most widely used settlement layer for finance and AI agents, summing up his view with a blunt line: “ETH is onchain money.”
Bitmine Chairman Tom Lee said he does not agree with the view that Ethereum is being eaten away by Layer 2 networks.
In a post on X, Lee said that although Layer 2 networks are also attracting tens of millions of real-world users into the onchain ecosystem, Ethereum mainnet is still strengthening its position as the primary economic settlement center.
He added that Fast Confirmation can cut transfer friction by about 98%. Lee said Ethereum could become the most widely used settlement layer for finance and AI agents.
"ETH is onchain money," Lee wrote.
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