There is one truth about L2s that Robinhood Chain reminds us of once again: they bring very little value back to Ethereum. Over the past 7 days, @RobinhoodApp generated $832,000 in gross revenue, or around $180,000 per day. Robinhood Chain is built on the @arbitrum stack (Nitro/Orbit), which processes transactions and publishes data to @ethereum for final settlement. Arbitrum captures 10% of Robinhood’s revenue, or $83,200. Ethereum ultimately receives only $4,340 in revenue through compute, blob fees, and calldata fees paid by Arbitrum on behalf of Robinhood. In other words, out of the $832,000 in gross revenue generated by Robinhood Chain: ▫️ $744,500 goes to Robinhood (89.5%) ▫️ $83,200 goes to Arbitrum (10%) ▫️ $4,340 goes to Ethereum (0.5%) This is not a new observation, and we have been repeating it for years. Ethereum’s latest upgrades, especially EIP-4844, were designed to reduce costs for users on L2s. But in practice, Ethereum also encouraged the migration of its users toward infrastructures that now capture the vast majority of the value created.