Ethereum & Its Layer-2s: Are L2s Helping or Hurting ETH? | Coin Metrics State of the Network #306

In this episode, Coin Metrics' Matthias Funke sits down with Research Scientist Tanay Ved to unpack State of the Network Issue #306: The Evolving Relationship Between Ethereum and Its Layer-2s. They explore how Ethereum’s shift to a Layer-2-centric model is reshaping network economics, and whether rollups like Base and Optimism are truly scaling Ethereum - or extracting value from it. Topics covered: - Why activity is migrating from Ethereum mainnet to L2s - How blobspace from the Dencun upgrade cut L2 settlement costs - Base’s ~$94M in profits vs. just ~$4.9M paid to Ethereum - ETH’s valuation challenges amid declining fees and burn - What Pectra and future upgrades could mean for ETH’s value accrual - Live dashboards and on-chain charts showing L1 vs. L2 usage trends Check out the full report here: https://coinmetrics.io/state-of-the-network/the-evolving-relationship-between-ethereum-and-its-layer-2s/ Explore the Ethereum L2 dashboard: https://charts.coinmetrics.io/network-data/ethereum-l2-economics Subscribe for weekly deep dives into on-chain data and crypto market structure.