Ethereum L2 Strategy Faces Doubt as Robinhood Earns $6 Million Daily, L1 Sees Minimal Revenue

Huoxing Finance reports that DeFi researcher Ignas posted that Robinhood previously set a daily fee record of over $6 million, with approximately 10% flowing to Arbitrum, while the revenue ultimately reaching Ethereum L1 was “negligible.” Ignas believes this model may not be entirely unacceptable—similar to how Uber initially pursued growth through subsidies, Ethereum might leverage L2s to attract traditional finance into its ecosystem and gradually increase “rent” once switching costs become sufficiently high. However, if Ethereum developers could formulate a clear strategy—first attracting more L2s, then monetizing once switching costs are high enough—it could instead become a long-term business model beneficial to L1. Yet, no such clear strategy is currently visible in Ethereum’s roadmap, and he asks: “Or have I misunderstood?”