WHY SEQUENCING WILL ALWAYS ACCRUE WAY MORE VALUE THAN DA

Summary from the TLDR Crypto newsletter

The Ethereum rollup-centric roadmap is flawed because it undervalues the sequencing layer, which captures most of the value through price discrimination, while the data availability (DA) layer, like Ethereum's, earns little since it can't price discriminate. This misjudgment has led to a loss of value accrual to the base layer, threatening Ethereum's role as network equity rather than as a purely monetary asset.