Galaxy analyst warns: Ethereum L2 has "ETH withdrawal" risks, cost allocation model sparks controversy.

As the Ethereum (ETH) ecosystem continues to expand, Layer 2 (L2) solutions have become key to improving network efficiency. However, Alex Thorn, head of research at Galaxy Digital, recently warned that after the launch of EIP-4844, the L2 fee distribution mechanism could trigger the risk of "ETH extraction," potentially harming the long-term financial health of the Ethereum mainnet. This article will analyze Thorn's views and explore the challenges of L2 business models, fee distribution, and the future of the Ethereum ecosystem.

L2 Business Model Under Scrutiny: Cost Retention, Limited Mainnet Contribution

Alex Thorn posted on August 6, pointing out that many L2 blockchains are controlled by a single company or foundation, keeping most of the user fee revenue for themselves, with very limited feedback to Ethereum L1. He bluntly stated: "The value received by ETH holders is very small, and most L2s do not even return the ETH fees they collect to the Mainnet."

EIP-4844 After L2 Revenue Soars, Mainnet Income Disproportionate

After the launch of EIP-4844, the confirmation cost of L2 blobs combined with L1 gas expenditure is only about 10,000 USD per day, while the income from L2 user fees reaches as high as 100,000 to 400,000 USD. Taking Base, supported by Coinbase, as an example, the fee income in the second quarter reached 14.9 million USD, while the L1 data cost was only 443,000 USD, and 2.16 million USD was paid to OP. Thorn pointed out that "the income OP gained from Base is actually 4.8 times that of Ethereum," indicating that L2 retains profits far exceeding its contribution to the Mainnet.

L2 Fee Distribution Raises Consistency and Ethical Controversies

Thorn's criticism has sparked a long-term debate within the community regarding the economic value return between L2 and the Ethereum mainnet. As L2 technology and governance continue to evolve, the balance of cost allocation has become a core issue for ecological development. Although EIP-4844 reduces L2 data costs, the contradiction between user fees retained by L2 and L1 expenditures, as well as staking, has yet to be resolved.

Ethereum Ecosystem Future: Rebalancing Efficiency and Value Distribution

As Layer 2 solutions become increasingly popular, how to ensure that the Ethereum Mainnet and holders receive reasonable economic returns while improving efficiency will be key to future ecological governance. Thorn's warning serves as a wake-up call for the industry, urging developers and the community to jointly seek a fairer and more sustainable fee distribution mechanism.

Conclusion

The "ETH Withdrawal" risk and cost allocation disputes of Ethereum L2 reflect new challenges in the rapidly developing decentralized ecosystem. Investors and developers should closely monitor the L2 fee structure and the Mainnet value return dynamics to seize opportunities for the long-term healthy development of Ethereum.