Bankless · Friday, July 17, 2026
The success of Robinhood Chain has reignited a long-standing debate about whether Ethereum Layer 2 solutions are paying sufficient fees to ETH holders. An analysis suggests that Ethereum's revenue share from L2 activity is minimal, prompting discussions about a potential need for L2s to contribute more significantly.
“Also, there's a new resurging question again in the Ethereum ecosystem, which is, are the L2s paying enough rent to ETH holders? And does ETH even need fees?”
“Robinhood chain is the cleanest case study of what happened to ETH's economics over time.”
“And so he goes on. He says, if your thesis is ETH is money, then Robinhood building here is ultra bullish. More activity, more ETH collateral, more lendiness. However, he says, if your thesis is ETH is a revenue generating asset, this is the ultra bear case because there's an uncomfortable truth. Robinhood was already going to build on Ethereum the whole time.”