Today: Users → L2 gas fees → L2 operator / appchain L2s → blob + settlement fees → Ethereum That creates an interesting tension: Ethereum wants blobs cheap enough to accelerate L2 growth. L2s have their own incentive to monetize user transactions through execution fees in the meanwhile. So more L2 activity does not automatically mean proportionally more value captured by Ethereum L1. A growing share of the economics can stay at the execution layer. This is also why launching your own L2 can be strategically attractive. If applications colocate around your users, assets, and liquidity, you can capture more of the transaction economics generated across that ecosystem while still using Ethereum underneath. And based sequencing @puffer_unifi adds another layer: L2 execution → sequencing opportunities → Ethereum validators Instead of Ethereum’s economic relationship with L2s ending mainly at DA and settlement, its validator set can potentially participate directly in the sequencing economy. The end state may not be about forcing all value back to Ethereum. It may be an economic stack where apps capture execution value, L2s monetize their environments, Ethereum captures DA and settlement demand, and Ethereum validators participate in sequencing economics. Scaling while keeping the layers economically connected. More soon on @puffer_unifi!