ETHEREUM'S L2 ECONOMICS DON'T ADD UP

Summary from the TLDR Crypto newsletter

Base, Ethereum's largest Layer 2, pays just $4K per day ($1.5M/year) to inherit the security of a $460B network, a negligible 0.03 basis points. This is a sign that Ethereum's current L2 strategy undervalues its own alignment and security, effectively selling its integrity for pennies. The ecosystem should refocus on scaling Layer 1 instead of leasing out trust to L2s at near-zero cost.