Also, what does this layer 1 on layer 2 model imply for Ethereum blockchain's value gathering? Uniswap has announced their own layer 2 on Ethereum. This will bring millions in onchain activity and profit from fees to Uniswap's chain and they will only pay less than 10% of their total revenue from fees to Ethereum blockchain very much similar to Base layer 2.
Today, we’re thrilled to announce Unichain. After years of building and scaling DeFi products at Uniswap Labs, we’ve seen where DeFi needs to improve and what’s required to continue advancing Ethereum’s scaling roadmap. That’s why we’re launching Unichain – a fast, decentralized Superchain L2 that’s built to be the home for DeFi and liquidity across chains.
Read in full https://blog.uniswap.org/introducing-unichain
See? More projects moving away from ETH. Partly because of the main chain's limited transaction capacity. At least, Unichain will be a L2 network built on top of the ETH blockchain. This shouldn't affect ETH's market dominance. After all, L2s depend on ETH to survive. It would've been a problem if Unichain was a separate chain.
Let's face it. Around 90% of smart contract chains are based on the EVM. Propietary chains such as Solana and Cardano are the minority. It's no wonder why ETH is still the "King". I'd expect Vitalik and team to scale the main ETH blockchain for greater benefits in the long run. High fees and slow confirmation times will no longer be an issue to ETH users. Just be patient to see good results in the long run. In my eyes, ETH will be the #2 crypto in market cap forever. "Ethereum Killer"? Says who?
![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)