Ethereum L2s Overtake Mainnet as Value Capture Debate Deepens

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Layer 2 rollups now process more daily transactions than the Ethereum mainnet, signalling major crypto adoption for layer 2 scaling; Base leads while Arbitrum and OP Mainnet add significant daily volume. EIP-4844 materially cut rollup transaction costs, accelerating DeFi and DEX activity on L2s but reducing Ethereum base-layer fee revenue. Market focus shifts to value-capture: growth favors rollup operators and L2 ecosystems, raising questions about long-term revenue and token implications for Ethereum.
- Ethereum layer 2 networks now process more daily transactions than the Ethereum mainnet.
- Base leads the shift, while Arbitrum and OP Mainnet also add large daily volume.
- EIP-4844 cut rollup costs sharply and reduced Ethereum base-layer fee revenue.
Ethereum’s layer 2 ecosystem has moved into a new phase. Rollups now handle more daily transactions than the Ethereum mainnet, turning the network’s long-running scaling strategy into a measurable reality rather than a roadmap promise.
That milestone has settled the throughput argument, yet it has opened a harder economic debate. Activity has shifted upward, mainnet fee revenue has weakened, and the market is now asking whether the gains from L2 growth still flow back to Ethereum or stay with rollup operators and applications.
Activity Moves Up the Stack
The shift is now visible across the largest rollups. The …
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