ethereum revenue dropped from $2.52b to $604m this year. base generates $80m revenue but only pays eth $6.7m in settlement fees. that's 8% capture rate. arbitrum, optimism, polygon all extracting similar value. eth built the infrastructure for l2s to get rich. burning supply doesn't fix a broken revenue model. short eth/sol ratio until l2 value extraction gets addressed. ...

Love the big debate on which rev model is better:- Lock and redistribute tokens to stakers (veModel)- Buy back & burn- Other?Curve's research concludes veCRV locking "superior impact on token scarcity."True, but ve tokens are only temporarily out of circulation.Eventually they CAN unlock and CAN hit the market again (though Convex et al. protocols DO PERMANENTLY lock those tokens)(although crypto. com scammors unburnt the burnt tokens anyway).I still like staking and locking because non-participants subsidi ...