The crypto perpetual futures market has experienced rapid growth, but Ethereum's base layer has struggled to keep up with the demand for fast and low-cost transactions. As a result, layer-2 networks such as Arbitrum and Base have become the primary platforms for trading perpetual futures.
Despite this, Ethereum's role in the market is evolving, with its base layer focusing on settlement and collateralization, while its layer-2 ecosystem provides the necessary infrastructure for high-performance trading. This shift has led to a division of labor, with Ethereum's layer-2 networks handling the high-volume activity and the base layer providing the necessary security and trust. The future of Ethereum's role in the perpetual futures market will depend on its ability to address the challenges of fragmented liquidity, interoperability, and user experience.