Interestingly, Ethereum’s rollup-centric roadmap is implicitly a gambit in this direction. ETH is sacrificing REV to its L2s rather than capturing it all to itself, in return for spreading the moneyness of ETH the asset. It’s unclear if its L2s will win out, or if they’ll continue to aggressively use and spread ETH in the future, but it’s clearly t... See more

However, L1 settlement alone is an incomplete picture of what the rollup-centric roadmap aims to accomplish. Ethereum also serves as an affordable settlement and DA layer for rollups. I see rollups (and their corresponding rollup platform à la Optimism Superchain and Arbitrum Orbit) as independent fiefdoms. Each platform will compete to give users ... See more

L2s matter — skyscraper technology is essential to scaling any city — but they are not the end of the story. L2s are an “and”, not an “or”.