1/ L2s aren’t just scaling Ethereum. They’re scaling demand for ETH. • 50K+ ETH bridged to L2s weekly • ETH = 35% of L2 lending collateral • Every new wallet = more ETH to hold, trade, and stake L2s turn ETH into the monetary base of the on-chain economy.

2/ Mainnet usage flat? Doesn’t matter. ETH bridges to L2s at 50K+ ETH/week. Each bridge = demand signal. L2s activity is scaling ETH demand.

3/ ETH is becoming DeFi’s collateral of choice. On L2s, ETH + BTC = 60%+ of all lending collateral. ETH leads because it earns, secures, and settles. Bitcoin leans on Ethereum’s rails for programmable finance.

4/ L2s = distribution channels for ETH. Since March 2024, 450K+ new wallets per week onboard to @arbitrum, @base, and more. They skip the main chain. But they buy and use ETH.

6/ Thanks to our data partners at @AlliumLabs and @DefiLlama. Follow for more deep dives on crypto data, Ethereum scaling, and the evolving on-chain economy.