This week, the Ethereum ecosystem has been rocked by a $654 million ETH switch by the Ethereum Basis. This triggered intense scrutiny over developer compensation, transparency, and management, culminating within the public resignation of core developer Péter Szilágyi and renewed criticism of governance practices.
Concurrently, Polygon’s AggLayer improve has confronted launch delays and community instability, intensifying debate about Layer-2 alignment, fragmentation, and the Basis’s assist for exterior L2s.
These developments, alongside POL token migration volatility, ongoing struggles to stability mainnet centralization with L2 sovereignty, and response to the Basis’s earlier govt restructuring, have added contemporary urgency to the disputes over Ethereum’s future path and the sustainable progress of its scaling ecosystem.
Ethereum household feud
Ethereum’s scaling structure underwent a change from a technical sidebar to a political financial system when Vitalik Buterin praised Coinbase’s Base for “doing issues the precise means,” weeks after Polygon founder Sandeep Nailwal assumed the CEO function on the Polygon Basis, issuing warnings about Ethereum’s “existential” layer-2 (L2) path.
The query rising from competing visions is whether or not Ethereum will standardize how L2s earn and settle worth, or watch liquidity fragment into parallel methods that route round moderately than by the mainnet.
The strain crystallized throughout three developments in mid-2025. Nailwal took management of Polygon Basis on June 11 amid a method reset, positioning the community as extra unbiased from Ethereum’s rollup-centric orthodoxy.
Polygon shipped AggLayer v0.3 on June 23, advancing chain-agnostic interoperability with Polygon PoS, which was slated to attach by the tip of the third quarter, however didn’t occur as of press time.
Buterin’s public endorsement of Base in September reignited debates over whether or not Ethereum’s management favors particular L2s, amplifying earlier friction when Nailwal questioned the low recognition from Ethereum core builders and warned that anti-L2 sentiment may fracture the ecosystem’s social material.
Information from L2BEAT exhibits Arbitrum and Base command the most important shares of worth secured on Ethereum layer-2s, with OP Mainnet and Linea trailing.
The Polygon zkEVM stays materially smaller than its Proof-of-Stake chain, each by way of complete worth locked and transaction exercise.
Dune sequencer revenue dashboards reveal that Base and Arbitrum generate nearly all of internet sequencer earnings after subtracting layer-1 knowledge prices, with Base constantly rating as a prime revenue generator by late summer time 2025.
Buterin’s 2025 roadmap commentary facilities on simplification, mainnet resilience, together with privateness enhancements, and a layer-2 consumer expertise that depends extra closely on layer-1 safety ensures.
That steerage establishes what Ethereum management considers “good L2 citizenship”: canonical fraud or validity proofs, reliance on Ethereum for knowledge availability, and alignment with rising requirements for gentle shoppers and shared sequencing.
Polygon’s AggLayer pursues chain-agnostic shared liquidity, positioning the community adjoining to, moderately than inside, Ethereum’s rollup orthodoxy.
Its Proof-of-Stake chain is migrating towards zkEVM validium integration, which makes use of different knowledge availability layers.
Three paths for price seize and market construction
The subsequent six to 12 months will take a look at whether or not Ethereum can standardize worth flows throughout competing layer-2 architectures.
In a soft-alignment state of affairs with a 50% to 60% chance, the Ethereum mainnet captures 25% to 40% of the layer-2 gross price income as enhancements in blob compression and knowledge availability stabilize prices.
Base and Arbitrum retain 60% to 70% of layer-2 internet income, with OP Stack proliferation sustaining Base’s distribution benefit by Coinbase’s on-ramp infrastructure.
Polygon’s AggLayer connects its Proof-of-Stake ecosystem and CDK chains to drive cross-chain liquidity progress. Nonetheless, Ethereum-native transaction flows prioritize OP Stack clusters attributable to canonical settlement ensures.
POL token efficiency on this state of affairs is dependent upon the ecosystem’s breadth moderately than rollup orthodoxy credentials.
A fragmentation state of affairs at 20% to 25% chance sees Ethereum mainnet data-availability income underperform as exercise shifts to non-Ethereum DA layers, together with validiums and different availability companies.
Layer-1 captures solely 15% to 25% of layer-2 gross charges, as competing liquidity facilities, resembling AggLayer, OP Superchain, and application-specific ZK rollups, break up customers throughout incompatible requirements.
Maximal extractable worth (MEV) smoothing throughout layer-2s lags technical deployment, worsening consumer expertise throughout cross-rollup operations.
Polygon features mindshare with chain-agnostic routing on this state of affairs, as Proof-of-Stake migration to AggLayer establishes a parallel liquidity hub that’s partially decoupled from Ethereum’s social consensus mechanisms.
Re-convergence underneath Ethereum-first norms carries a 20% to 25% chance, pushed by stronger layer-2 minimalism by the usage of gentle shoppers, fault and validity proofs, and shared sequencing or proposer-builder separation, which additionally extends to rollups.
Mainnet captures 35% to 50% of layer-2 gross charges as infrastructure requirements tighten. Base and Arbitrum consolidate over 70% of layer-2 revenue share, with OP Stack standardization and cross-rollup bridging decreasing friction for customers shifting belongings between chains.
Polygon tightens Ethereum alignment by ZK proofs and Ethereum data-availability lanes for flagship chains whereas positioning AggLayer as a user-experience differentiator moderately than a sovereignty play that competes with mainnet settlement.
Worth seize and distribution dynamics
Ethereum buyers face a revenue-capture query tied on to layer-2 structure decisions.
The next reliance on Ethereum’s knowledge availability (DA) and canonical proof methods will increase mainnet price seize, with blob utilization traits relative to layer-2 compression advances figuring out whether or not Ethereum’s toll-road economics broaden or erode.
Cross-rollup MEV markets stay nascent, but when Ethereum-aligned proposer-builder separation norms lengthen to layer-2 sequencers, extractable worth flows again to Ethereum validators. Various situations the place MEV concentrates in layer-2 silos scale back the mainnet’s financial gravity.
Layer-2 tokens, together with ARB, OP, and POL, derive their narratives from the profitability of the web sequencer, creating sensitivity to month-to-month revenue leaderboards that present Base, working with out a native token, setting user-experience requirements that stress tokenized rollups to justify their worth by income sharing, grants, or governance energy.
Polygon’s funding case improves if AggLayer drives composability that converts to retained liquidity moderately than transient bridge quantity, unbiased of rating as the most important pure rollup by orthodox definitions.
Monitoring AggLayer connection milestones and Proof-of-Stake migration progress supplies main indicators for this state of affairs.
Builders optimizing for distribution confront a realistic calculation the place OP Stack and Base infrastructure win near-term consumer acquisition by streamlined on-ramps and L2 to L2 liquidity routing.
Groups prioritizing consumer expertise and cross-chain operability might outperform these targeted on doctrinal alignment debates, significantly as multichain consumer experiences stay difficult and community results favor the most important distribution hubs.
Centralization and interoperability as structural forces
Coinbase’s Base receiving public reward from Buterin sharpens debates over company affect versus Ethereum’s social material, significantly as world regulatory frameworks, together with MiCA and FATF steerage, favor KYC-friendly L2s with clear operational entities.
Polygon’s chain-agnostic AggLayer imaginative and prescient competes with OP Superchain and ZK rollup hubs in an interoperability arms race analogous to cell platform competitors, the place walled gardens are contrasted with open liquidity meshes.
The Ethereum mainnet is positioned as foundational infrastructure moderately than an unique settlement layer.
Person gravity concentrates in networks that remedy multichain ache factors, with Vitalik and Ethereum core researchers pushing for a simplified, layer-1-secured L2 consumer expertise.
If user-experience requirements unify round frequent light-client implementations and proof verification, community results compound benefits for the most important distribution hubs, together with Base and Arbitrum.
Polygon’s different path is dependent upon AggLayer establishing ample cross-chain liquidity, enabling builders and customers to go for composability over canonical Ethereum settlement.
The result determines whether or not Ethereum operates as a standardized settlement layer capturing predictable charges from aligned rollups, or as one possibility amongst competing architectures the place liquidity and customers distribute throughout networks with various levels of mainnet dependency.
Sequencer revenue focus, blob utilization charges, and AggLayer adoption metrics by mid-2026 will make clear which path the ecosystem follows, and whether or not loyalty to Ethereum turns into a measurable financial parameter moderately than a social-layer assumption.
