Is Base only extracting value from ETH and not accruing value to it?

So it seems like the L2 scaling roadmap is bringing ETH down. It can work IF L2s keep ETH for themselves and don’t stake it, and instead use it to fund ecosystem initiatives like dapps, infra, tooling, analytics, edu & more. But instead, most L2s are of course VC products, so they need to make money both by having their token go up. But how can they do that, since even ETH is going down? Well, they could (but just hypothetically) use that ETH to buy up their own token in huge buybacks. But I don’t think they’re doing it, otherwise ETH wouldn’t go down. ETH goes down when you sell it for fiat, not other coins (mainly). BUT, BUT, BUT, the biggest L2 doesn’t have its own token! SO this buyback thing isn’t even possible. And this L2 has a STOCK, so it means it needs to reward traditional investors with…dollars! And to do that, they need to sell ETH, making it go down. So ETH is not going down because of the L2 roadmap per se, but for BAD tokenomics that don’t really accrue value to ETH, they extract it and use it elsewhere. But also because the biggest L2 has a huge conflict of interest because it’s not incentivized to keep ETH, but to reward traditional investors that own its stock with dollars.