According to @alice_und_bob, the ongoing debate threatens Ethereum’s core value proposition centered on the Layer-2 thesis, asking whether the L2 thesis is dead and warning this would be really bad for ETH holders (Source: @alice_und_bob on X, Aug 12, 2025). From a trading standpoint, the post flags a narrative risk for ETH where diminished confidence in L2 scaling could pressure sentiment across ETH and L2 ecosystem assets as characterized by the author (Source: @alice_und_bob on X, Aug 12, 2025).