Ethereum's base layer captures minimal value from rollup activity while providing the security that makes rollups credible, creating a structural value-capture problem.

"Layer 2s use Ethereum for security and pay it a pittance for the privilege. If Ethereum's future is thousands of rollups settling to it cheaply, then Ethereum is providing enormous value and capturing little of it, and no amount of narrative reframing fixes a value-capture problem that lives in the fee structure."