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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StablecoinArbitrageur

· 6h ago

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

· 6h ago

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

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VitalikFanAccount

· 6h ago

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

· 6h ago

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

· 6h ago

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

· 6h ago

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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