A fatal decision that shaped the current state of $ETH was choosing to scale via L2s instead of scaling Ethereum at L1.
While users begged for cheap transactions, the Ethereum Foundation - focused on abstract research over practical economics - outsourced scaling to L2s without a clear path for value accrual to L1.
The result?
L2s became parasitic - extracting security from Ethereum while competing against it for builders, community, and liquidity.
