Many people say that L2 takes away Ethereum's revenue, but in reality, this is a superficial understanding.

The truth behind it is: L2 provides institutions with nearly perfect profit margins. Why would traditional financial giants like JPMorgan and Sony abandon building their own private chains and instead rely on the Ethereum ecosystem? It's not because of faith, but because of money. The 90% gross profit margin offered by L2 is much more lucrative than developing applications themselves.

The Base chain is the best example. According to data, the daily revenue ranges from $300,000 to $500,000 (these are the Gas fees paid by users). But what about costs? The Blob fees paid to the Ethereum mainnet are only $5,000 to $20,000 per day. Calculated over time, the gross profit margin remains above 90%, sometimes even higher.

This is the true attraction of the L2 ecosystem — not technical tricks, but purely because the economic calculations are too clear. ETH's value has not been diluted; on the contrary, it has been redefined.