Meher Roy, CTO of Chorus One explores the scenario where ETH L1 token loses value against the L2 tokens that are emerging.

He revisits Ethereum's scaling history and talks about the new layer 2s that are emerging like Starkware.

He posits that liquidity will leave ETH L1 in favor of ETH L2s and also ETH's pivot in narrative to adopt 'moneyness' as an attribute is dangerous.