Robinhood Chain volume tests the Ethereum as money theory

Robinhood's layer-2 push is pumping massive volume through the ecosystem, but it's forcing a hard question about where the value actually lands. While the activity validates Ethereum's scaling roadmap, it simultaneously shifts fee revenue away from the mainnet and into the hands of side-chain sequencers. If you're a validator, the migration might feel like a drain on your bottom line. ETH maximalists argue this doesn't matter because the token remains the required collateral for every trade, mint, and swap. They're betting on the "ETH is money" thesis where the asset wins even if the base layer's traffic thins out. However, if the network loses its grip on execution fees, the supply dynamics could flip from deflationary back to inflationary. Robinhood's success proves the tech works for the masses, but it's a double-edged sword for those holding the underlying asset. Does a thriving ecosystem matter if the base layer isn't the one getting paid?