Alex Thorne, head of Galaxy Digital’s research, on Wednesday ignited a new debate on the roll -up economy of the Etharium, with the holders with “penis” to charge the major layer -2 network of the Sipanning Value. In a widely shared thread on the X, Thorn argued that “after all these years, the Etharium community is apparently fine. Very low price has returned to the Ath holders … unhappy!”
Ethereum L2S: Centrally, Benefit and Bleed Eth Dry
For thorns, roll-ups now earn between $ 100 000 and $ 400 000 in daily fees, yet “Etharium for data availability” has not spent more than 1/1000 of a penny daily to buy drops drops from May since May. He highlighted the OP-TAC roll-up of the base-concrete-specific examples: In the last 180 days, Base gave justice to Etharium L1, while the optimism granted a license to its code by sending a $ 4.4 mill to the collective. Thorne wrote, “The base is paying more daily to optimism collective than all L2S (including base) is paying the atherium L1,” Thorn wrote, called the margin “a good business”.
The number increases in its own file of the coinbase. Thorne mentioned that $ 14.9 million was generated in the User fee in Q2 2025 Aadhaar, spent on $ 443,000 on atherium data cost and $ 2.16 million on optimism royalty – as the exchange revealed a quarter purification of 2,509 BTC.
“What is the value from the coinbase atherium and is using the process to buy bitcoin?” He assumed that roll-ups said as evidence that roll-ups could remove economic gravity from ETH tweeting alternative assets. The July 31X post of the coinbase confirms bitcoin accumulation: 11,776 BTC was held based on $ 740 million, which is now worth $ 1.26 billion.
Buterin highlights technical roadmap
While the criticism of Thorn focuses on economics and governance, Atherium co-founder Vitallic Butlerin shared a technical roadmap focused on L2 user experience. Celebrating that “so many major L2S are now on Stage 1,” the qualely operation that should be a sub-ol with the next milestone original withdrawals, a single slot-capable for a slot-capable, capable of validity (ZK) evidence instead of optimistic schemes, which require a week-long challenge period. “It is too long to wait for a week to withdraw … adopt the hybrid proof system (ZK + OP + Tee or Variitions) that give speed without renouncing Adi.
Baterin admitted that ZK Proof Faver ZK Proof-Singal Submission consumes about 500,000 gas today-until now many roll-upperfoplings, one in one, one in the near-ups uploaded is anticipated for the nearest-term, “Ethnams, unlocked at the Ethereum while unlocked. to do.
For now, the Gulf is built between the two approaches. Thorne Status sees Quo as extraction: Centralized sequences capture margins by paying negligible fees to stackers, and remains anchor of governance in corporate committees rather than government permission. Baterin said that the way to change the alignment lies through cryptographic engineering that removes the weeks of weeks in L2 Kufters. What Wins Economics or Engineering Wins Logic on how soon the roll-ups can deploy cheap ZK system-and users will wait for upgrade or tax to reward the most profitable sequences.
At the press time, ET traded at $ 3,841.
Image made with Dall.E, chart from traudingview.com
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