Vitalik just re-priced the whole L2 trade in public. The easy era of cheaper Ethereum is over.
Two numbers explain the shift:
→ L2 user activity is down about 50% from peak, while mainnet activity snapped back hard once fees got cheap again
→ blobs made rollup data so cheap it’s not the bottleneck anymore, around $0.04 per MB
So what happens when the only edge is low fees, and the base chain starts handing out low fees too?
A lot of quiet deaths. Major L2 token market cap is down to ~$6.8B, with $ARB,
$OP and friends down ~90% from highs.
Look at who’s still alive on pure activity:
▫️ Base is