ok I think the genuine case here is that ETH is used as the base currency on Robinhood Chain - it’s involved in roughly 60% of total DEX trading volume on robinhood
but I still don’t agree with the ETH-as-gas/oil narrative tbh:
- firstly, L2s are already extremely cheap and getting cheaper as they scale
- secondly, L2s can use CGT (custom gas tokens) and abstract ETH away as the gas token
- lastly as native AA becomes more widespread, users can literally pay gas in whatever token they hold.
so even if L2 activity grows 100x, it doesn’t necessarily create 100x demand for ETH as gas.
ok so robinhood chain flipped ethereum in 24h app revenue
genuine q: how exactly is this bullish ethereum:native ??
& afaik most fee revenue stays with robinhood (~89%), arbitrum takes a slice like 10% and ethereum L1 only gets like 1%
& if you are thinking ETH as gas + settlement that narrative is preety weak imo
