The vision story of ETH is so sexy:
L1 as the world settlement layer, L2 as the world execution layer—everyone divides up the work and eats on schedule.
But the accounting can’t be ignored—L2 now uses EIP-4844 to compress data into blobs and submit it on-chain, pushing costs down to the floor. The settlement fee from L2 to L1 is almost negligible.
In other words, L2 is freeloading Ethereum’s security premium: enjoying the decentralized halo of L1 while siphoning the fees to itself and its users.
In the short term, this is the L2 flywheel; in the long term, it’s value leakage from L1.
If this problem isn’t solved, the financial model of ETH’s “deflation + security premium” will slowly be hollowed out by its most successful ecosystem. And the reason ETH/BTC can’t run is also here.
L1 as the world settlement layer, L2 as the world execution layer—everyone divides up the work and eats on schedule.
But the accounting can’t be ignored—L2 now uses EIP-4844 to compress data into blobs and submit it on-chain, pushing costs down to the floor. The settlement fee from L2 to L1 is almost negligible.
In other words, L2 is freeloading Ethereum’s security premium: enjoying the decentralized halo of L1 while siphoning the fees to itself and its users.
In the short term, this is the L2 flywheel; in the long term, it’s value leakage from L1.
If this problem isn’t solved, the financial model of ETH’s “deflation + security premium” will slowly be hollowed out by its most successful ecosystem. And the reason ETH/BTC can’t run is also here.