ETH Roadmap Fee Capture Failure
Ethereum's roadmap is negatively impacting ETH holders as applications and L2 networks capture most of the fees.
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"Fee revenue down roughly three-quarters from early 2025, activity migrated to venues that remit almost nothing, and a persistent seller overhang from the early-holder class... the price is not ignoring the fundamentals, it is agreeing with them."
"As tokenized stocks and other RWAs increasingly trade against stablecoins, some users may interact less with ETH day to day—despite ETH's role in running settlement and securing the ecosystem behind the scenes."
"Hoffman’s core argument is that Ethereum’s own roadmap is hurting ETH holders. Applications built on Ethereum capture most of the fees, while L2 networks take 97% margins from the rollup model."