Bitmine Chairman Tom Lee Dismisses Layer 2 'Cannibalization' Narrative, Cites 98% Transaction Cost Reduction

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According to Odaily, Bitmine Chairman Tom Lee refuted claims that Layer 2 networks are cannibalizing Ethereum, stating that ETH mainnet continues to solidify its position as the primary economic settlement layer. Despite Layer 2s attracting tens of millions of users on-chain, Lee highlighted that Ethereum's fast confirmation mechanism reduces transaction friction by approximately 98%. Lee emphasized that Ethereum is positioned to become the most widely used settlement layer for financial and AI agent transactions, asserting that "ETH is on-chain currency."
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