Cyber Capital Founder: Ethereum is declining, L2 is actually stealing Ethereum's users and fees

Cyber Capital founder Justin Bons posted on the X platform, stating that Ethereum is declining and L2 is "dancing on its grave".

Bons pointed out that since the implementation of EIP-4844 (Proto-Danksharding), Ethereum's fee income has significantly decreased and cannot keep up with inflation. Meanwhile, the usage and fee income of the L2 network have reached new highs, lobbying to maintain Ethereum's low capacity. Bons believes this constitutes a "parasitic relationship". He stated that the L2 network is actually stealing Ethereum's users and fees by disguising itself as being "the same as Ethereum" to attract users.

Bons predicts that the L2 network will eventually migrate or become an independent L1 network, while Ethereum will gradually decline. He criticized Ethereum's leadership for "selling out" their own interests for the sake of the L2 network, believing it exposed systemic issues in governance. Bons warned if there isn't a breakthrough expansion of L1 by Ethereum in future, it could lead to a collapse in token prices and equity values across all L2 networks; therefore, these networks have an incentive to prevent any expansion from happening within Etherum.