Are L2s/rollups Ethereum?
Easy answer: of course not.
Rollups/L2s are clearly not Ethereum, because when you pay for blockspace, you pay the L2/rollup, and the L2/rollup then pays for services (proofs, DA, whatever) from Ethereum by choice, and can change this whenever it wants.
It's a supply chain for blockspace. Ethereum is upstream. Rollups are downstream and customer-facing.
We don't say that Apple, Google, and Azure are extensions of Qualcomm. In the same way, Arb is not an extension of Ethereum.
Most importantly, the economics of rollups are in conflict with that of Ethereum's.
ETH economics != ARB economics, in the same way AAPL economics != QCOM economics.
Yes, Apple and Qualcomm work together, and Apple's success is in some ways Qualcomm's success. But if Apple could snap their fingers and not have to pay Qualcomm billions per year, they would, and Qualcomm wants to extract the most from Apple as it possibly can, and the relative valuation of their assets is a reflection of this dynamic.
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