Robinhood Chain.
Launched 2 months ago.
Daily fee revenue: $8 million.
How much did Ethereum mainnet get?
$722.
---
You read that right.
An L2 making $8 million a day sent just $722 back to the settlement chain underneath it.
Not $722,000.
Just $722.
---
DeFi researcher Ignas called it out today.
"Robinhood Chain set a new daily fee revenue record yesterday at $6.04 million."
"Settlement fees paid to Ethereum L1: about $722."
"Is a structure like this—where the platform makes a killing while the settlement layer gets almost nothing—a problem for Ethereum?"
He offered a comparison.
Uber initially burned subsidies to attract users, then collected rent once switching costs got high enough.
"But in Ethereum's official roadmap, I don't see a 'lose first, profit later' strategy like that."
---
The numbers look even starker.
Robinhood Chain generated $22.45 million in revenue over 7 days. Annualized, that's about $1.1 billion.
Under the Arbitrum Expansion Program, 10% goes to the Arbitrum ecosystem. Over the past week, Arbitrum received about $2.48 million.
Total Ethereum mainnet settlement fees over 7 days: $3,550.
Less than the price of a Mac.
---
Arbitrum co-founder Steven Goldfeder chimed in.
"Robinhood chose Arbitrum to be the landlord, not the tenant."
Control its own sequencer. Keep most of the fees.
Solana founder Anatoly also jumped in.
"Robinhood could just charge at the application layer on Solana and wouldn't need to build its own L2."
Goldfeder pushed back:
"On Solana, Robinhood can only make money from its own customers. Fees from third-party wallets, bots, and direct DEX interactions all go to Solana validators."
Three-way clash. The core question is only one: who should L2 fees belong to?
---
Some people defended Ethereum.
@y_cryptoanalyst:
"Back when the tech wasn't good enough, Ethereum was forced to charge L2s higher DA fees and got criticized for weak infrastructure causing L2 gas to rise."
"Now that the tech is good enough, it proactively lowers DA fees for L2s and gets criticized for taxing too little to capture L2 ecosystem value."
Damned if you do, damned if you don't.
@lex_node put it even more harshly:
"Robinhood is just using Ethereum as a regulatory psyop. Its 'alignment' is basically zero."
---
But on the other side, there is hard data too.
Ethereum network net inflows reached $46.47 million. Robinhood Chain had net outflows of $21.07 million.
Capital is flowing back from L2s to the mainnet.
ETH broke above $2,500. Up 56.51% in Q3. The third-best quarter in history.
The staking exit queue has gone to zero. 2.17 million ETH are waiting to enter.
BitMine holds 5.9 million ETH, 4.9% of circulating supply, and has bought for 65 consecutive weeks.
Arthur Hayes says ETH will outperform BTC over the next two years.
---
So the question is:
Is Ethereum being freeloaded on, or is it playing a bigger game?
If L2s keep making more money while Ethereum collects less, where does ETH's value capture come from?
If L2s keep booming and ETH keeps rising in price, what exactly is the relationship between "revenue" and "price"?
@punk2898 said something worth remembering today:
"BTC going from 60k to 80k means nothing, but BTC holding at 80k means something. Because only when it holds can a hundred schools of thought emerge."
ETH is holding at 2,500.
L2s are making $8 million a day.
The mainnet is collecting $722.
The same Ethereum. Different bets.
$ETH #Ethereum #以太坊 #L2 #RobinhoodChain
Not financial advice
Launched 2 months ago.
Daily fee revenue: $8 million.
How much did Ethereum mainnet get?
$722.
---
You read that right.
An L2 making $8 million a day sent just $722 back to the settlement chain underneath it.
Not $722,000.
Just $722.
---
DeFi researcher Ignas called it out today.
"Robinhood Chain set a new daily fee revenue record yesterday at $6.04 million."
"Settlement fees paid to Ethereum L1: about $722."
"Is a structure like this—where the platform makes a killing while the settlement layer gets almost nothing—a problem for Ethereum?"
He offered a comparison.
Uber initially burned subsidies to attract users, then collected rent once switching costs got high enough.
"But in Ethereum's official roadmap, I don't see a 'lose first, profit later' strategy like that."
---
The numbers look even starker.
Robinhood Chain generated $22.45 million in revenue over 7 days. Annualized, that's about $1.1 billion.
Under the Arbitrum Expansion Program, 10% goes to the Arbitrum ecosystem. Over the past week, Arbitrum received about $2.48 million.
Total Ethereum mainnet settlement fees over 7 days: $3,550.
Less than the price of a Mac.
---
Arbitrum co-founder Steven Goldfeder chimed in.
"Robinhood chose Arbitrum to be the landlord, not the tenant."
Control its own sequencer. Keep most of the fees.
Solana founder Anatoly also jumped in.
"Robinhood could just charge at the application layer on Solana and wouldn't need to build its own L2."
Goldfeder pushed back:
"On Solana, Robinhood can only make money from its own customers. Fees from third-party wallets, bots, and direct DEX interactions all go to Solana validators."
Three-way clash. The core question is only one: who should L2 fees belong to?
---
Some people defended Ethereum.
@y_cryptoanalyst:
"Back when the tech wasn't good enough, Ethereum was forced to charge L2s higher DA fees and got criticized for weak infrastructure causing L2 gas to rise."
"Now that the tech is good enough, it proactively lowers DA fees for L2s and gets criticized for taxing too little to capture L2 ecosystem value."
Damned if you do, damned if you don't.
@lex_node put it even more harshly:
"Robinhood is just using Ethereum as a regulatory psyop. Its 'alignment' is basically zero."
---
But on the other side, there is hard data too.
Ethereum network net inflows reached $46.47 million. Robinhood Chain had net outflows of $21.07 million.
Capital is flowing back from L2s to the mainnet.
ETH broke above $2,500. Up 56.51% in Q3. The third-best quarter in history.
The staking exit queue has gone to zero. 2.17 million ETH are waiting to enter.
BitMine holds 5.9 million ETH, 4.9% of circulating supply, and has bought for 65 consecutive weeks.
Arthur Hayes says ETH will outperform BTC over the next two years.
---
So the question is:
Is Ethereum being freeloaded on, or is it playing a bigger game?
If L2s keep making more money while Ethereum collects less, where does ETH's value capture come from?
If L2s keep booming and ETH keeps rising in price, what exactly is the relationship between "revenue" and "price"?
@punk2898 said something worth remembering today:
"BTC going from 60k to 80k means nothing, but BTC holding at 80k means something. Because only when it holds can a hundred schools of thought emerge."
ETH is holding at 2,500.
L2s are making $8 million a day.
The mainnet is collecting $722.
The same Ethereum. Different bets.
$ETH #Ethereum #以太坊 #L2 #RobinhoodChain
Not financial advice
