@pearlsd

With Layer 2s slashing fees in 2025, questions arise about L1’s role in value capture. Ethereum’s settlement layer remains indispensable, anchoring security and finality. However, the logic of direct fee accrual to L1 is shifting. Instead of maximizing gas revenue, L1’s value now derives from being the trust base for an expanding modular stack. This means staking demand, validator MEV, and rollup data availability fees matter more than simple transaction counts. The market must rethink Ethereum’s valuation not as a “transaction chain” but as a “settlement economy,” where network security and trust remain the ultimate bottleneck resource.

0 reply

0 recast

0 reaction