Over the past three years, Ethereum has captured $5.4 billion in total fees, representing roughly 30% of all Layer 1 blockchain fee revenues—a significant chunk of the broader L1 ecosystem. The peak came early last year, when fee activity hit its heights. But the picture has shifted dramatically since then. Fee revenues have taken a substantial hit, declining sharply from those highs. What's interesting is that despite Ethereum's pullback, total L1 fees across the entire ecosystem haven't cooled down proportionally—they've remained relatively robust. This divergence reveals something crucial: value capture is migrating away from Ethereum's base layer. The real action is flowing toward rollups and other scaling solutions. As these Layer 2 alternatives mature and attract more users and capital, they're increasingly competing for transaction volume and fee revenue that once went entirely to Ethereum mainnet. This reshuffling reflects the growing maturity and viability of the broader L1 and L2 landscape.