Can layer 2 scalability really undermine Ethereum’s value?

Lately, I’ve been seeing more and more posts, mostly on X, explaining why, in their opinion, it’s now certain that the price of ETH can only go down.

Their argument is that Ethereum’s scalability, based on L2, leads to a growing reduction in users who rely on L1, and that the fees paid by L2s to L1 are extremely low (almost free), which translates into lower revenues for L1. So if the L2s roadmap plays out, it would basically result in a divergence between Ethereum L1 utility (increasing by number of users on L2s settling on Ethereum) and ETH price (decreasing by lower fees geenrated for L1).

Another argument that’s often heard is that the most successful L2s in the medium/long term will completely detach from Ethereum, becoming independent L1s and taking their user base with them.

Regarding this last argument, I find it unlikely since the value of Ethereum lies precisely in its degree of decentralization and censorship resistance, and that’s not something L2s can easily achieve overnight. So, unless an L2 wants to become a centralized L1 like others, it wouldn’t make sense to detach from Ethereum.

As for the first argument, the issue of fees paid by L2s to settle transactions on L1 is definitely relevant. Currently, they are very low, but that doesn’t mean it can’t change in the future. After all, Ethereum’s main value is to provide a decentralized, censorship-resistant layer for settling transactions. Being the only chain with these characteristics, aside from perhaps Bitcoin, Ethereum L1 should charge appropriate fees to L2s for settlement.

What do you think?