Robinhood L2 paid just $722 USD yesterday while RH earned a record $6M in fees.

10% of those fees go to Arbitrum, with crumbs to the L1.

Maybe it's okay...?

Like Uber subsidized initial growth, so does Ethereum bring tradfi to the Ethereum ecosystem and later manage to raise the rent.

If Ethereum devs had a strategy on how to attract more L2s and then monetize when switching costs are too high, then it could be bullish for the L1.

Unfortunately, I don't really see that strategy in the Ethereum roadmap.

Or am I wrong?

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