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View: Ethereum needs to establish a value capture mechanism, otherwise it will become an outdated security layer
Author: zak.eth, Co-founder of CORN
Translation: Felix, PANews
The value of Ethereum is leaking to L2. Rollups extract fees, MEV, and liquidity, while ETH stakers are left behind. If this continues, Ethereum will become a stupid security layer, and L2 will be printing money.
L2 does not need to use ETH as gas, but they do need to pay for the security of Ethereum. Currently, they almost do not have to pay any 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. For every $1 Optimism pays to ETH, it earns about $321 from L2 fees. L2 profits are amazing, but ETH sees little to no value.
This is crazy.
Each rollup should contribute to Ethereum in one of the following ways:
If L2 does not use ETH as gas, it should still be required to stake ETH or deposit a portion of its token supply into the ETH treasury. The treasury will serve as the reserve for all rollup economies, making ETH the financial layer of the L2 ecosystem.
Ethereum validators should protect rollups, not just L1. L2 sequencers should be required to stake ETH and use re-staking to extend Ethereum's security to all rollups. If L2 wants to gain trust from Ethereum, they need to pay for it.
Every L2 needs liquidity to transfer assets across chains. ETH should be the default settlement asset for all cross-rollup transactions. Native gas tokens are great, but ETH needs to be the liquidity layer.
L2 does not have to be forced to adopt a single pattern. They can use their own tokens, their own sequencers, and their own economics. But Ethereum needs to capture value, either through ETH staking, fees, or directly tied to the rollup economy.
Currently, Ethereum is subsidizing L2, while L2 is taking advantage of all the benefits. This is unsustainable. Either Ethereum must adjust forcibly now, or it may become an outdated security layer for rollup.
Related reading: Ethereum Foundation's "Game of Thrones", where is the Foundation's major reform heading?