Ignas Says Robinhood Fee Model Leaves Little Revenue for Ethereum L1

DeFi researcher Ignas said Robinhood previously set a single-day fee record of more than $6 million, with about 10% flowing to Arbitrum and only a very small amount ultimately reaching Ethereum L1. According to ChainCatcher, Ignas argued that the model may not be entirely unacceptable, comparing it to Uber’s early subsidy-driven growth strategy. He said Ethereum could use L2s to attract traditional finance into its ecosystem and later raise “rent” after switching costs become high. Ignas added that if Ethereum developers can define a clear strategy to first attract more L2s and then monetize them once switching costs are sufficiently high, it could become a long-term business model that benefits L1. He said no such clear strategy is currently visible in Ethereum’s roadmap and asked whether he may be misunderstanding it.