Ethereum is rapidly transforming into a global operating system for world finance, yet the compensation for this colossal work remains laughably small. According to my calculations, based on recent data, Robinhood's blockchain earned about $109,400 in a single day, while the Ethereum network itself received only $716 for servicing these transactions. This means that for every dollar sent to the network, the platform operator keeps approximately $153 for itself.
In the two weeks since launching its own Ethereum-based blockchain, Robinhood's revenue has exceeded $800,000, while payments to the base layer amounted to only about $1,500. This disparity leads to a sad but accurate analogy: Ethereum acts as a "janitor," paid pennies for maintaining the entire system, while the main profits end up in the pockets of L2 projects.
What is the root of the paradox?
This refers to the valuation at the network level for one day, excluding off-chain expenses and corporate profits. Nevertheless, this is the most honest "live picture" of a strange cryptocurrency problem. The roots of this phenomenon trace back to July 1, 2026—the day when the non-profit organization Ethereum Institutional became the "front door" for banks and sovereign funds, gathering executives from companies managing assets worth approximately $250 trillion.
On the same day, Robinhood launched its L2 network for tokenized stocks in over 120 countries. Figuratively speaking, Ethereum opened the "courthouse," and Robinhood built "shops" around it, taking all the margin and customers for itself. Yet the company did nothing wrong—it simply followed Ethereum's roadmap. As early as March, the Ethereum Foundation acknowledged that second-layer networks had turned into "control zones."
Engineering success and economic failure
From a technical standpoint, everything worked flawlessly. Fees on the main network dropped from over $2 to less than $0.02, and on L2 by more than 95%. However, it was precisely the high fees on the main network that once made ETH a scarce asset. Now, Ethereum burns about 25 coins per day, while issuing approximately 20,000 per week to stakers. As a result, supply is growing by nearly 0.85% per year, exceeding the level at the time of the network's transition to Proof-of-Stake.
Who ultimately wins?
The main conclusion I draw from this situation is that value has not disappeared but simply changed recipients. Previously, Ethereum burned fees, and scarcity rewarded all holders equally. Now, the margin goes to L2 network companies, while new issuance goes to stakers. The passive ETH holder has become the only participant in the system whose share is being diluted.
Meanwhile, the largest businesses "on Ethereum's rails"—stablecoin issuers—hold reserves in U.S. government bonds and own almost no ETH themselves. A telling example: on July 14, BitMine disclosed that it holds more than 5.77 ETH—about 4.8% of all existing coins—and its staking share equals roughly 12% of all locked ETH.
"Beneath all this lies an unresolved paradox. Institutions want settlements that are cheap, neutral, and invisible, while token holders want a 'rent' charged for settlements," emphasizes the analyst.
If the price is high, activity moves to L2; if it is near zero, the network becomes indispensable but not profitable. The better Ethereum is as neutral infrastructure, the harder it is to charge for it without breaking that neutrality.
A more measured view was expressed by Mikko Othamaa, co-founder of Trading Protocol. According to him, the hype around Robinhood will soon fade: currently, 40% of transactions are spam and failed operations, and "due to free fees, there is no real economy." He predicts that after the promotional period ends, fees will stabilize at a much lower level.
My expert assessment: Ethereum has fallen into the classic trap of the "infrastructure curse." It is too good as a base layer to be replaced, but its economic model is broken. Until ETH holders gain mechanisms to directly capture value from L2 activity, the token will remain undervalued, and the network will continue working "for scraps."