Author: zak.eth, corn co-founder; Translation: Golden Finance xiaozou
Ethereum is losing value to L2. Rollup extracts fees, MEV, and liquidity, while ETH stakers are left far behind. If this continues, Ethereum will become a stupid security layer while L2 keeps making money. Does this sound like a good model?
L2s don't need to use ETH to pay for gas fees, but they do need to pay for the security of Ethereum. Currently, L2s pay almost no fees. This situation needs to change. Ethereum is not a free lunch. L2 should pay rent.
Base collected about $2.5 million in fees last month, while paying less than $11,000 to Ethereum. Optimism earns about $321 in L2 fees for every $1 paid to Ethereum. L2 is extremely profitable, but Ethereum hardly sees the value. It shouldn't be like this!
EachRollupshouldcontributeto Ethereuminat leastway:L2sortersshoulddepositETHascollateral topartofthefinanciallayeroftheL2ecosystem.
EthereumvalidatorsshouldsecureRollups,notjustL1s.IfanL2doitshouldbetionedwithETHasthefinanciallayeroftheL2ecosystem.
EthereumvalidatorsshouldsecureRollups,notjustL1s. L2 collators should be required to stake ETH, and Ethereum’s security should be extended to all Rollups through re-collateralization. If an L2 wants Ethereum’s trust, it needs to pay for it. All L2s need liquidity to transfer assets across chains. ETH should be the default settlement asset for all cross-Rollup transactions. A native gas token is also possible, but ETH needs to be the liquidity layer. L2s don’t have to follow one model. They can use their own tokens, their own collators, and their own economic models. But Ethereum needs to capture value through ETH staking, fees, or direct alignment to the Rollup economy. Currently, Ethereum is subsidizing L2s, and L2s are taking all the benefits. This is unsustainable. Ethereum either has to force alignment now, or it risks becoming an obsolete security layer for a Rollup that is no longer needed.
Are you thinking the same thing?