what ethereum L1 (ETH) bulls believe in:

no 1 chain can scale to meet the global demand that exists to transact onchain

crypto apps that reach the mainstream will want more control over their tech & economics

as a result, L2 rollups are the way to go for most apps

however, the current batch of L2s are still in their 'honeymoon phase'

there's no real pressure from the market and/or regulators for them to decentralize

once that pressure inevitably comes, L2s will need to either build or buy decentralization

building it (better than the ethereum L1) takes a lot of time & money

context: the ethereum L1 has built a decentralized & resilient validator set for 10+ years (work in progress still!)

therefore, most L2s will end up buying decentralization from a subset of ethereum L1 validators

who will have the pricing power in these negotiations?

assuming ethereum core devs continue to execute, it'd be reasonable to argue that the L1 validators

that is, to decentralize, most L2s will have to buy decentralization from a subset of L1 validators

if ETH successfully applies an EIP-1559-style burn mechanism to these fees

ETH revenues will rise again