Help me understand L2 impact on ETH fees

So I've been an ETH investor for a while, but I'm trying to DYOR yet again. I like the DCF model for ETH, but obviously one of the concerns is how much the L2 solutions will decrease ETH L1 fees overall. L2 is great for user adoption and there are some promising prospects there. But, as more dapps move to L2, the volume/fees on L1 decrease and lower the DCF (maybe). Greater adoption means greater transaction volume overall. What are your thoughts on the ultimate impact on ETH?