이더리움 확장 경제 계정: 정렬 수익의 대부분을 L2에 제공하는 것이 가치가 있을까?

원저자: Doug Colkitt

원문: TechFlow

이것은 a good analysis of Data Availability (DA), and the most reasonable bullish speculation for DA. However, I think it is impossible for DA to get close to 50% of L2 fees. Because from an economic structure point of view, the value accumulation of sorting always far exceeds DA.

블록체인의 핵심 사업은 블록 공간을 판매하는 것입니다. 블록 공간은 서로 다른 체인 간에 교환하기 어렵기 때문에 거의 독점을 형성합니다.

However, not all monopolies can obtain excess profits. The key lies in whether prices can be differentiated for consumers.

Without price differentiation, monopoly profits are little different from commodity goods. Think of how airlines differentiate between price-conscious business travelers and budget-conscious consumers, or how the same SUV is sold at very different prices under the Volkswagen, Audi, and Lamborghini brands.

Priority fees are an extremely effective price differentiation mechanism in blockchains. The highest priority transactions pay fees far exceeding the median.

L2 and Solana achieve high throughput and high revenue by leveraging sorter priorities for price differentiation. Marginal transactions pay very low fees, supporting high TPS, while price-insensitive transactions pay the majority of network revenue.

Below is the transaction distribution of 5 randomly selected blocks from Base L2. This shows a clear Pareto distribution, making price differentiation extremely effective. The top 10% of transactions pay 30% of the revenue, while the bottom 10% of transactions pay less than 1%.

The problem is that while the sorter can profit from this, the DA layer cannot participate because it has no price differentiation capability. Whether it is a high-value arbitrage transaction or a 1 wei junk transaction, the fee paid on Ethereum DA is the same because they are settled in the same batch.

Since the value of marginal transactions is very low, high TPS can only be achieved when the median transaction can be on-chain at close to zero cost. But on the DA layer, basically every transaction pays the same fee. The DA layer can either have high throughput or high revenue, but not both.

This makes it nearly impossible for rollups to scale without impacting Ethereum network revenue. The rollup-centric roadmap is inherently flawed because it gives up the valuable part of the network (ordering) in the mistaken belief that it can be made up with the worthless part (DA).

I was initially optimistic about the rollup-centric roadmap because I thought reasonable people would recognize the economics of price differentiation and that it could develop in parallel with L1 expansion.

High-value, price-insensitive users will choose L1 for its durability, security, and finality, while L2 focuses on marginal low-price users who are excluded by L1鈥檚 high fees. As a result, Ethereum still earns significant sorter rent.

However, Ethereum鈥檚 leadership has repeatedly stressed that L1 as an application layer is no longer actually important and will not scale. As a result, users and developers have reacted rationally, resulting in the current gradual decline of the L1 application ecosystem and the decline of Ethereum鈥檚 network revenue.

ETH의 장기적 가치가 화폐 자산이라는 데 있다고 믿는다면, 이는 여전히 실행 가능할 수 있습니다. 더 많은 사람들이 ETH를 보유하게 함으로써, ETH는 지속 가능한 형태의 화폐가 됩니다. 그리고 기본 계층에 가치를 축적하지 않고 L2를 보조하는 것은 이를 촉진할 수 있습니다.

하지만 ETH의 장기적 가치가 널리 사용되는 프로토콜의 네트워크 지분에 있다고 믿는다면(저는 이것이 돈으로서의 ETH보다 더 가능성이 높다고 생각합니다), 가치 축적이 일어나야 합니다. 분명히, 우리는 잘못된 경제적 가정 때문에 여기에서 표적을 놓치고 있습니다.

This article is sourced from the internet: Ethereum expansion economic account: Is it worth giving the bulk of sorting revenue to L2?

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