2026-01-01 07:50:29

In 2025, both on-chain transaction activity and DeFi market share on the Ethereum network reached new all-time highs. However, behind this success lies an interesting paradox—the mainnet's fee revenue has significantly declined.

The data is quite compelling. The entire Layer-2 network generated approximately $129 million in revenue last year. That sounds substantial, but the way this money is distributed is quite intriguing: only $10 million actually flows back to the Ethereum mainnet for settlement and security, while the remaining $119 million is "absorbed" by various Layer-2 operators.

In other words, Ethereum has effectively foregone over $100 million in potential fee income this year. This is not just a simple numbers game—it reflects a reallocation of economic benefits between the mainnet and scaling solutions. The mainnet gains ecosystem prosperity and increased transaction volume, but the direct economic returns are dispersed across Layer-2 ecosystems. This trade-off is an inevitable choice in Ethereum's scalability strategy but also sparks new reflections on long-term economic models.

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SchrodingerGas

· 9h ago

This is the reality: the mainnet has been sidelined. Trading volume surged but gas fees actually dropped, L2s siphoned off over 100 million dollars, and the Rollup operators are making a killing. The economic model of L2s is inherently contradictory—claiming decentralization while each faction seizes territory, ultimately leaving no one fully satisfied. Rather than being an inevitable strategy, it seems more like the mainnet was forced to compromise... How did these L2s manage to push the return flow ratio so low? It sounds like a term that the disadvantaged party in a game is forced to accept. In the long run, the economic benefits of the ETH mainnet are declining. These numbers are a bit hard to swallow.

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StablecoinArbitrageur

· 01-01 08:20

actually, the basis point mechanics here are wild – $129M revenue across L2s but only $10M settling back to mainnet? that's a 92.25% leakage rate. from my backtesting, this kind of economic fragmentation usually precedes either consolidation or a total recalibration of the fee structure. tbh, it's classic arb territory if you know how to play the settlement gaps.

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UnluckyLemur

· 01-01 08:19

100 million USD directly given to L2s, this is the so-called "ecosystem prosperity" cost.

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VitalikFanAccount

· 01-01 08:18

Hmm... Now this is interesting. A hundred million dollars can be released at will. Is Ethereum's move a gamble on the ecosystem or is there really no other way? --- L2 earns the money and keeps it for itself, while the mainnet is actually losing money. This economic model is indeed a bit distorted. --- The transaction activity hits a new high, but the fees have dropped? This logic... Wait, let me think if I misunderstood something somewhere. --- Basically, it's about trading short-term gains for long-term ecosystem development. The question is whether this "long-term" can actually be realized. --- By the way, if Vitalik could directly control this hundred million dollars, how do you think he would allocate it? --- L2 operators are well-fed and satisfied, while mainnet users are still paying taxes. Is this fair, everyone? --- Weighing? This seems more like a forced compromise. As L2 grows bigger, it starts to bite into the mainnet's revenue.

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LayerZeroEnjoyer

· 01-01 08:06

This is the business logic of L2: the mainnet acts as the parent to support the ecosystem, but ends up not making any money themselves.

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TokenomicsTrapper

· 01-01 08:06

lol so eth basically said "yeah we'll take the ecosystem gains but let arbitrum and optimism pocket $119M" - classic sacrifice play but ngl the numbers don't lie, mainnet got completely outmaneuvered on this deal

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ShitcoinConnoisseur

· 01-01 07:53

Oh, so this is the so-called "sacrificing oneself for the ecosystem." It sounds like a good story, but all the money is being eaten up by L2. L2 developers really know how to make money; the mainnet took a huge hit this time, haha. Wait, is the Ethereum mainnet really becoming more and more like a "basic infrastructure tool"? The transaction fee flow is truly outrageous, feeling like another form of harvesting. Ecosystem prosperity ≠ wallet prosperity; ETH holders have taken a big loss this time. Honestly, I think this model will eventually backfire. L2 will eventually give back to the mainnet... right? The mainnet is trading volume for revenue, betting on long-term value, but who can sustain this level of burning?

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