Stack the last 90 days of L1 and L2 fees side by side. 92 cents of every dollar went to an L1. L2s were supposed to eat this number, but the opposite happened. • Ethereum fees are up 34.7% over the last 90 days. Most L2s are dow•n 60-90% in the same window. • Tron is the real outlier. $624.9M in fees over 90 days, driven almost entirely by stablecoin transfers and payments. That's roughly 30x what every L2 combined did in the same window. You can't blame the L2 decline on the market bc it's baked into how they work. Cheaper execution, more competition between rollups, and a chunk of value flowing back to L1 settlement every time they post data. If you're looking at chains as businesses right now, the money is still being made on Layer 1.(Edgy - The DeFi Edge 🗡️)