We analyze the impact of L2 on Ethereum (ETH). 📉 L2 has almost no impact on the ETHBTC rate. As Bitcoin's market dominance exceeds 50%, L2 does not appear to have significantly increased the ETH (effective)/BTC ratio. 😕 L2's revenue contribution on Ethereum dropped from 10% to 2% with Ethereum's Proto Danksharding (4844) update. However, this made L2 available for more users due to lower transaction costs. 👥 L2 may have a negative impact for Ethereum, but once more users start using L2, it could be a win-win situation for Ethereum and users. 🚀