ETH revenue got crushed vs 2021 peaks, but that peak was driven by congestion. Now: – Activity moved to L2s – Fees dropped → better UX – Revenue shifted, not disappeared So yeah, L1 looks weaker on paper, but the ecosystem is actually bigger. This is the trade-off: ETH optimized for scale → sacrificed fee capture. Next question for the market: can ETH reclaim value from L2s, or does value keep leaking up the stack?