Ethereum co‑founder Lubin calls for lower L1 fees to spur adoption

Ethereum’s price slipped about 2% in the last 24 hours, hovering near $1,780, as co‑founder Joseph Lubin publicly urged lower Layer‑1 transaction fees to accelerate user adoption [1].

Price pressure and L2 momentum

Ethereum’s modest decline follows a week of robust activity on Robinhood Chain, a new L2 built on Arbitrum that posted over $1 billion in dollar volume and $3 billion in DEX trades [1]. The L2’s growth highlights the network’s product‑market fit, yet the underlying L1 still carries relatively high gas costs that Lubin argues hinder broader onboarding. While ETH’s market cap remains above $10 billion, the token’s price has underperformed its own recent week‑long gain of roughly 1.3 % and lagged BitMine’s stock performance [1].

Token holdings and market sentiment

BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, added $49 million of ETH last week, raising its holdings to nearly 4.8 % of circulating supply—about 5.77 million ETH—valued at $10.1 billion [1]. The firm’s share price fell 5.7 % over five trading days, reflecting broader market softness despite the L2 surge. Lubin’s call for cheaper L1 fees aligns with investor interest in scaling solutions that could boost demand for ETH without inflating supply.

What to watch

• $1,800‑$1,820 price zone – a potential short‑term support/resistance area as ETH tests recent highs.
• Upcoming L1 fee proposals – any protocol changes that lower gas costs could shift sentiment.
• L2 volume trends – continued growth on Robinhood Chain or other L2s may pressure L1 fee discussions.

Lubin’s push underscores a tension between Ethereum’s scaling roadmap and immediate user costs: if L1 fees stay high, adoption may stall despite thriving L2 ecosystems, leaving the network’s growth trajectory uncertain.