L2s are making more and more money, while Ethereum is quickly becoming the 'cheap landlord.' This month, Robinhood Chain generated about $39.06 million in revenue, but over the past 30 days, it only paid around $18,000 in L1 fees to Ethereum. The profit margins for top L2s are even more staggering: Robinhood Chain is close to 100%, and both Base and Arbitrum are over 99%. With blobs driving settlement costs down, L2s can leverage Ethereum's security and settlement capabilities for very little cost, while keeping the vast majority of their revenue for themselves. The more prosperous L2s become, the stronger Ethereum's network effects grow. But how much of this growth will actually flow back to ETH in the end? That's becoming a whole other question.