Solana co-founder Anatoly Yakovenko reignited the L2 debate with one sentence. “the claim L2s inherit ETH security is erroneous.” He warned of multisig custody risks and unaudited code bases as 129+ Ethereum L2s now compete, fragmenting liquidity and L1 revenue. Binance Research notes L2s’ low fees are eroding L1 transaction income, creating structural tension between growth and sustainability. How long before Ethereum’s scaling success becomes a revenue problem?