Toly is one of the foremost thinkers in crypto, but I think commercial interest is compelling him to willfully ignore the fact that, by launching their own L2, RH can capture revenue from all apps that launch on RH chain to colocate with tokenized stocks. The criticism of Arb/L2 gas fees is also misleading — the gas fee is determined by a combination of L1 blob market and L2 fee market, and in reality neither is technically constrained to add way more capacity. The fact that they haven’t done so is a business decision — L1 wants to capture blob revenue from L2s, and L2s want to monetize off user transactions. Should either decide to prioritize growth over revenue, they can lower the fees in an instant. In fact, we’ve been having constant debates within Ethlabs about whether it might be wise to further increase blob capacity in order to lower blob fees, to further L2 growth. There’s a saying I read on X that stuck with me: Ethereum is the art of remaining together while staying different. Robinhood cannot be more different from Ethereum in terms of philosophy and ethos, but thanks to a strong L1 supporting L2s, Ethereum and Robinhood are able to benefit from each other’s distribution and network effects, which are ultimately good for bringing the entire world on-chain.