Okay, fam, gather 'round. Auntie Sokha’s here and she has some choice words for you all. We’re referring to what amounts to the Ethereum Foundation’s $32 million dollar bet on Layer 2s. Thirty-two million! That’s a whole heck of a lot of pixelated apes you could purchase with that substantial cheddar. But is it really benefitting us, the creators or is it just creating another breed of crypto parasite.
L2s: Savior or Crypto Vampire Squid?
Let's be real. Gas fees on the mainnet are still a consistency nightmare. Or when you wanted to mint that one piece last year. I literally had to sell a kidney to pay for the act. Well, we were told that salvation was coming with Layer 2s. Lower fees, faster transactions, the whole shebang. But where's the ETH going? Is it truly going back into our innovation ecosystem, or is it just further enriching the coffers of VCs and… shudders… corporate entities?
This entire mess is making me think back on when I attended that “private” gallery opening. Free champagne, fancy hors d’oeuvres, but the artists were made to remain back in the green room, subsisting on day-old bread. Is that us now? Are we doomed to be the white bread of the Ethereum ecosystem? In the meantime, though, is Base and Co. partying on our labor and taxpayer dollars?
Base, specifically, is getting some serious side-eye. They’re cashing in – to the tune of about $98 million since the Dencun upgrade, I’m told. But what are they returning to Ethereum. Peanuts! Just a pitiful $4.9 million in settlement funds over the entire eight-year period. In fact, many tout they’ve invested more than $20 million since the kickoff. C’mon, let’s be real—that sounds like a publicity stunt to me.
Investing in the future, or funding the competition? 🤔
Where's the ETH Going?
If the Foundation is to be believed, they’re interested less in literal homes than in building community and educating. Cool. But, my friends, I truly enjoy a good workshop just as deeply as the next artist. Of that $32 million, how much is reaching the hands of those artists who are truly struggling? They’re in a battle just to pay rent, let alone gas fees. How do we determine how much should go towards events in Africa and the Middle East with the goal of building a truly global decentralized community? In reality, are we truly “decentralizing” or just making the bottom of the pyramid a bit bigger in order to drain them at the top?
I'm all for expanding the Ethereum ecosystem, but not if it's at the expense of the people who built it. We need to ask ourselves: who benefits the most from this "growth?" The Ethereum Foundation? VC Investors? Or the actual creators?
- DeFi Assets
- Stablecoins
- Institutional Adoption
Are these technologies and services truly making our lives better, or are we all guinea pigs in a grand experiment?
Demanding Transparency and Fairness Now!
Here's the thing: we have the power. We’re the artists, the culture workers, the dreamers, the heart and soul of this eco-system. Without us, there is no Ethereum. Without us, there is no value.
So, what can we do? We need to demand transparency. We need to ask the tough questions. We need to take the leash off and hold these Layer 2s accountable. Base claims they're onboarding new users and builders, that they're paying fees to Ethereum. Cool. Show us the receipts! Let’s take a look on where the dollars are truly flowing.
Maybe we need a Layer 2 tax. Perhaps we need to bring some public shaming to bear on these sites to get them to redistribute the fortune. Otherwise, we may have to fight a little harder and enforce our own justice. Let’s make our own layer 2, one that actually empowers artists rather than taking advantage of them.
Base’s fees are usually around 10x what it pays Ethereum to settle trades. Is this the future we want?
This isn't about being greedy. It's about fairness. It’s about making sure the Ethereum ecosystem is a bright, sustainable ecosystem where artists can flourish. It’s on making sure it doesn’t mutate into its own crypto parasite draining the lifeblood of the original ecosystem.
So, let's get loud. Let's start a conversation. Let's demand change. Engage with us using hashtag #EthL2Fairness and make yourself heard! Let’s not treat a hundred million dollars funding the same way we treat funding for more pixelated apes. Our livelihoods depend on it. And quite frankly, dear friends, I want no more stale bread. Who's with me?
