L2 Rent Report
Tracking how much 30+ Ethereum L2s pay for security versus what they keep as profit. Rent Ratio measures the percentage of revenue L2s pay to Ethereum.
CHECK NO. 122ⓘ
REPORTING PERIOD: SEP 2025SEPTEMBER 2025ⓘ
$9,419,991
kept by L2s as profitⓘ
2.8%
Average Rent Ratioⓘ
$273,814
paid to Ethereumⓘ
⑆ETHEREUM⑆ ⑈RENT⑈ ⑆CHECK⑆
| Rankⓘ | L2 Network▼ⓘ | Monthly Profit▼ⓘ | Rent Paid▼ⓘ | Rent Ratio▼ⓘ | Trendⓘ | Status▼ⓘ |
|---|---|---|---|---|---|---|
| 1 | Base Chain | $4,836,170 | $139,504 | 2.8% | → 0.0% | Freeloader |
| 2 | Arbitrum One | $1,965,680 | $28,761 | 1.4% | → 0.0% | Freeloader |
| 3 | Linea | $1,402,524 | $2,276 | 0.2% | → 0.0% | Freeloader |
| 4 | Unichain | $321,332 | $6,804 | 2.1% | → 0.0% | Freeloader |
| 5 | OP Mainnet | $212,143 | $7,146 | 3.3% | → 0.0% | Freeloader |
| 6 | World Chain | $169,482 | $40,118 | 19.1% | → 0.0% | Good Tenant |
| 7 | Starknet | $159,993 | $4,692 | 2.8% | → 0.0% | Freeloader |
| 8 | Plume Network | $149,081 | $1,157 | 0.8% | → 0.0% | Freeloader |
| 9 | Soneium | $68,466 | $3,105 | 4.3% | → 0.0% | Freeloader |
| 10 | Taiko Alethia | $54,314 | $22,651 | 29.4% | → 0.0% | Pays Fair Share |
| 11 | Celo | $43,428 | $1,193 | 2.7% | → 0.0% | Freeloader |
| 12 | Scroll | $14,072 | $7,281 | 34.1% | → 0.0% | Pays Fair Share |
| 13 | Blast | $7,598 | $1,439 | 15.9% | → 0.0% | Good Tenant |
| 14 | Ink | $5,358 | $1,545 | 22.4% | → 0.0% | Pays Fair Share |
| 15 | Lisk | $4,817 | $624 | 11.5% | → 0.0% | Good Tenant |
| 16 | Derive | $2,834 | $335 | 10.6% | → 0.0% | Good Tenant |
| 17 | Mode Network | $1,708 | $819 | 32.4% | → 0.0% | Pays Fair Share |
| 18 | Mint | $467 | $144 | 23.5% | → 0.0% | Pays Fair Share |
| 19 | Manta Pacific | $230 | $3,317 | 93.5% | → 0.0% | Pays Fair Share |
| 20 | Zora | $193 | $596 | 75.6% | → 0.0% | Pays Fair Share |
| 21 | Orderly | $101 | $307 | 75.2% | → 0.0% | Pays Fair Share |
| TOTAL (All L2s) | $9,419,991 | $273,814 | 2.8% | |||
Freeloader
2.8%
Rent Ratio
Profit
$4,836,170
Rent Paid
$139,504
Freeloader
1.4%
Rent Ratio
Profit
$1,965,680
Rent Paid
$28,761
Freeloader
0.2%
Rent Ratio
Profit
$1,402,524
Rent Paid
$2,276
Freeloader
2.1%
Rent Ratio
Profit
$321,332
Rent Paid
$6,804
Freeloader
3.3%
Rent Ratio
Profit
$212,143
Rent Paid
$7,146
Good Tenant
19.1%
Rent Ratio
Profit
$169,482
Rent Paid
$40,118
Freeloader
2.8%
Rent Ratio
Profit
$159,993
Rent Paid
$4,692
Freeloader
0.8%
Rent Ratio
Profit
$149,081
Rent Paid
$1,157
Freeloader
4.3%
Rent Ratio
Profit
$68,466
Rent Paid
$3,105
Pays Fair Share
29.4%
Rent Ratio
Profit
$54,314
Rent Paid
$22,651
Freeloader
2.7%
Rent Ratio
Profit
$43,428
Rent Paid
$1,193
Pays Fair Share
34.1%
Rent Ratio
Profit
$14,072
Rent Paid
$7,281
Good Tenant
15.9%
Rent Ratio
Profit
$7,598
Rent Paid
$1,439
Pays Fair Share
22.4%
Rent Ratio
Profit
$5,358
Rent Paid
$1,545
Good Tenant
11.5%
Rent Ratio
Profit
$4,817
Rent Paid
$624
Good Tenant
10.6%
Rent Ratio
Profit
$2,834
Rent Paid
$335
Pays Fair Share
32.4%
Rent Ratio
Profit
$1,708
Rent Paid
$819
Pays Fair Share
23.5%
Rent Ratio
Profit
$467
Rent Paid
$144
Pays Fair Share
93.5%
Rent Ratio
Profit
$230
Rent Paid
$3,317
Pays Fair Share
75.6%
Rent Ratio
Profit
$193
Rent Paid
$596
Pays Fair Share
75.2%
Rent Ratio
Profit
$101
Rent Paid
$307
What is this?
L2s use Ethereum's validator network (worth $153B in staked assets) to secure their transactions, but pay just 2.8% of revenue for it.
The problem: L2s are extracting activity from Ethereum's L1 while barely paying for it.
What's happening:
- •In May 2025, Base captured 39% of DEX volume vs Ethereum L1's 36% - L2s now dominate activity
- •After the Dencun upgrade, L2 settlement costs dropped from $40M/month to near-zero
- •L1 fee revenue dropped 95% from its 2021 peak ($4.3B/quarter → $217M/quarter)
- •Meanwhile, Ethereum still needs $2B/year to pay validators
The squeeze:
Validators currently need ~$2B/year to secure Ethereum. This comes from two sources:
- 1. ETH issuance (inflation) - currently the majority
- 2. Transaction fees - declining as activity moves to L2s
As L1 fees drop and L2s pay almost nothing back, Ethereum must either:
- • Keep inflating ETH forever to pay validators, OR
- • Let validator yields fall below viable levels, causing validators to exit and seek competitive yields elsewhere, weakening security
Right now, Ethereum is choosing perpetual inflation. But that's not sustainable long-term.
Without proper L2 contribution:
- •Ethereum can never reduce ETH issuance (perpetual inflation)
- •Validator yields decline in real terms (currently 1.9-2.8%)
- •Security weakens as validators exit
- •The more successful L2s become, the worse this gets
The solution: L2s should pay 20% of their revenues to Ethereum.
Why 20%?
- • Aligns with the principle that L2s should fund the security they directly benefit from
- • As L2 revenue grows toward the ecosystem's potential (~$5B+/year), their collective $1B contribution would cover 50% of Ethereum's $2B security costs
- • Creates sustainable economics: L2s keep 80% margins while properly funding their security infrastructure
Current payment:$3.3M/year (2.8%)
Should pay (20%):$23M/year
Gap:86% shortfall
Based on current tracked L2 revenue of ~$116M/year. As the L2 ecosystem grows, this 20% target scales proportionally.
What can I do?
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Read the full analysis on L2 economics and sustainability