Capa 2 has been a great success story of Blockchain. They have reduced congestion in the Ethereum Mainnet, reducing gas rates while preserving safety.
But maybe they have become too successful, drawing the activity in the chain and the income from rates of the parents who generated them? At least that is what some suggest late, more recently at the Cornell Tech blockchain conference at the end of April.
In fact, some think that Ethereum should be a bit more greed, or at least fight harder for a larger part of the income cake, sequencing rates in part.
“People at the Ethereum Foundation [the nonprofit that supports the Ethereum ecosystem] I will tell you that, “yes, we have managed to be too ivory tower.” I have heard it several times, ”said David Hoffman, owner of Bankless, who lasted a discussion panel at the Cornell Tech event in New York City on April 25.
In other places, Hoffman has urged Ethereum to make a “strategic pivot”, noting that the cryptographic environment has changed in recent years. Ethereum no longer has the “luxury of being a peace -time research project … exploited by its competition.”
The L2 are reaping millions of dollars in transaction order rates (sometimes called sequencing rates), but none of these income is transmitted to Ethereum, according to James Beck, head of growth of Ens Labs and New York. Beck told Coinlegraph:
So, this cultural layer of podcasters and researchers says: ‘Well, the price of ETH has been falling compared to these other chips. What do we do to make Ethereum more powerful? ‘
In summary, Ethereum is a neutral verification layer, but Ethereum Mainnet does not compensate quite a lot for the work he is doing. The centralized profit L2 such as the base, optimism and referee are gathering the lucrative sequencing rates while enjoying the safety and Lives guarantees of Ethereum mainnet at a relatively small economic cost.
L2S shot after the dencun update
Rollups L2 are a recent innovation; They only emerged in 2023. The idea was to reduce the congestion of the chain and gas rates by moving transaction processing from the main block chain (layer 1) to separate the chains that are at the top of Mainnet (L2S). But transaction processing is possibly the most profitable part of the income game, as special when users choose to pay priority rates to process their orders faster.
The exchange of rates was rarely a big problem before Ethereum’s Dencun update in March 2024, which introduced Blob transactions to help climb the 2s layer. Significant Blobs led to the cost that the L2S published data to Ethereum, which allowed them to operate more profitable, he told Condelegraph this week, Coinmetrics researchers analyst, Tanay Ved.
Since then, the demand for L2 users has shot, especially at the base, the L2 launched by Coinbase in August 2023 in Ethereum Mainnet.
As Ved pointed out in a blog on April 8, Base has earned a total of ~ $ 98 million in revenues of the user’s transaction rates (including base and priority rates), “while only paying ~ $ 4.9 million to the Etherum base layer, resulted in a total of $ 94 $ 9- $ 94- $ 94- $ 94. Upía.”
Ved added:
This dynamic has led to many whiter questioners are positive for Ethereum, or if they are extractive.
Base response
When asked about the rates, a base spokesman told Cointelegraph: “Today, the base already pays Ethereum’s rates for each transaction at the base. All transactions are resolved in Ethereum, and so far, the base has paid Sherem. 20 million” one can see these rates in the token terminal under “cost of income,” the spokesman added.
“In general, the base makes it more accessible to obtain fast and cheap transactions and helps to grow the Ethereum ecosystem by incorporating more users, builders, applications and assets, all of which are transacing in ETH and the demand for driving,” said the spokesman.
Related: The institutions break with Ethereum but keep ETH on the hook
However, in many, if not most months, the general rates of the base are approximately 10 times the amount paid to Ethereum by activate Shops, according to the reference base financial statement. In April, for example, the most recent full month, the base harvested $ 3.7 million in rates, but only $ 305,000 to Ethereum were delivered as liquidation rates, approximately 8% of the total rates.
Even so, perhaps things are not so terrible. Even if the rates are out of Kild now, the imbalance may not last, others warn. Ethereum’s hard forks as a sin, why Live Erterday (May 7), and Fusaka, scheduled by the end of 2025, will increase Blob’s performance. “This means that L2S will be able to publish more Blobs, potentially driving the taper Blob rates higher than Mainnet,” Ved told Cointelegraph.
Ethereum is already constantly reaching the current BLOB target of three per block, as the table shows below. “Pectra will raise this to six Blobs per block, with a maximum of nine, creating space for a greater capture of rates as the L2 activity scales,” Ved added.
Are the “Rollups based” response?
Some Ethereum researchers, podcasters, and even L2, have relied on “curled up” as a more permanent way to solve the problem of the rate and provide better gangs security. Here, the transaction request (that is, the sequence) would be made in the Nenet, not in L2S.
The sequencers used by optimism, referee one, the base and others are more likely to attack or fail, since they are centralized, with a single failure point, some researchers say. Polygon Jarrod Ward writes:
If a centralized sequencer falls, the effective roll completely stops Doe’s work. Stop managing user transactions in L2 and also stop sending data to Ethereum.
“The sequencers of layer 2 have focused dangerously,” added Tom Ngo, executive leader of Metis-An Ethereum Layer-2 Blockchain.
Ethereum Blockchain Linea took the trick of June 2.6 million lasting the importance of decentralization and the dangers of centralized sequencers.
Related: ‘Vitalik: a story of Ethereum’ is less cryptography and more of human being
Several L2s Based-Rollup have been released last year. Taiko Alethia, the first and biggest, got live in May 2024. A year later, he had $ 148.3 million in total insured value, classifying 14th in the L2beat list of L2, he thought far behind the $ 12.06 billion leaders of the leader.
Speedwise, Taiko was averaging a respectable user operations of 20.3 per second (UPS) on May 7, far from the 86.3 UOPs of the base, but at the same time with the arbitration of one (21.6 UOP) and significant better than optimisms).
An L2S tax?
Another floated idea in the Ethereum community is to impose a kind of tax on L2. But doing this could have some involuntary consequences, according to Ved. It could make L2S less competitive. It also runs the risk of “activity leaks to the 1 -off layer outside the Ethereum ecosystem.” The activity that flows to the base today could flow in its place to Solana or other L1s, said Ved.
There could also be philosophical problems in Ethereum to sit a surcharge in its L2. Ved noticed:
A tax could be seen as contrary to ethos or decentralization of Ethereum, which would opt for forces driven by the market instead of enforcing a tax.
In general, he speaks, the Ethereum Foundation seems to be prioritizing long -term growth in short -term income, Ved explained. Proposals such as EIP-7762, thought, which increases the minimum BLOB base rate to accelerate the demand prices discovery, could generate more income to Ethereum mainnet, with an effect like a tax.
Social pressure?
According to the Ens Labs Beck, it can have social pressure for centralized leaders to voluntarily give their sequencing rates. Other L2S as a line may need to intervene and tell L2S centralized something similar to: “Look, you have thesis risks inherent to a more centralized design, and this is the opportunity to bake [the order processing] In Ethereum, which is more decentralized. “
In this sense, Aces Tok separates in a three -day workshop in the United Kingdom in January with leading researchers and developers of entities such as line, state, Zeppelin, Titan, Spire Labs and the Ethereum Foundation. The immediate task was how creable and decentralized infrastructure for Namechain de Creabs, but also gathering Ethyeum Ethyeum ecosystems equipment to solve the L2 interoperability challenges with collaboration with huggedly based.
It is not always easy to do things in a flat (non -hierarchical) and multiple entity as Ethereum, Beck acknowledges. “Ethereum is a decentralized ecosystem. You can’t take everyone on the same page at once.” But a collaboration like the recent one that Tok Place in the United Kingdom is a beginning.
The Panelist of the Cornell Tech conference, Hoffman, expressed some confidence that Ethereum could be a pivot and “convert layer 1 into a rollup” with processing speeds comparable to today’s L2S.
As noted, Hoffman has criticized the Ethereum Foundation for being too insular and academic, but sees signs that things can be changing now, writing recently:
The appointment of the co-executive directors Tomasz Stańczak and Hsiao-Wei Wang marks a new era of responsibility, direction and internal cohesion.
“I feel optimistic,” Beck added. “Ethereum still has most of the assets blocked to define; most stable in Ethereum. Blackrock has a background that is established in Ethereum.”
In other words, Ethereum is still well positioned to provide the infrastructure for the “network of networks” -IE, the interacting network of private blockchains and public mass that many expect to be the future of technology.
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