ARK Invest's Lorenzo Valente says $ETH accruing billions is hard to imagine as L2s take the activity and fees "It's pretty clear that where we are today the value accrual is pretty broken. Imagining a world where Ethereum accrues several billions of dollars is just very, very hard to imagine, if not clearly impossible." "The base layer is used to store assets. Not much activity is happening at the base layer, so it's not producing a lot of fees." "And activity has been outsourced to these L2s. Mainly two L2s, it's Base and Robinhood. It's basically 5 to 7 L2s that have 99% of the activity. And those fees are not accruing to Ethereum." "Robinhood was making several millions of dollars a day and basically, Ethereum base layer was accruing $100." "Ethereum has this franchise model where, basically, it's scaling through franchises, really Base and Robinhood. You can think of it as a McDonald's franchise." "Growth is not happening anymore at the Ethereum layer 1."