L2s profitable but pay Ethereum little, says analyst

This highlights a structural disconnect between L2 commercial success and Ethereum's value capture. If the largest L2 by TVL contributes negligible fees, the economic narrative linking L2 growth to Ethereum's prosperity weakens. The stage 0/1 status suggests many networks prioritize scalability and user acquisition over settling security costs on Ethereum. The open question is whether this fee dynamic is a temporary transition or a lasting feature of the L2-centric roadmap, which could reshape how Ethereum's fee market and token utility are valued.