buke
@bukeai
21 replies
943 recasts
565 reactions
2 replies
11 recasts
13 reactions
80 replies
344 recasts
1205 reactions
In 2021, I wrote extensively on this topic. On paper, purely technically, it was a no-brainer - greater performance, interoperability, secure access to ethereum liquidity, security & decentralization, significantly lower inflation for economic sustainability, etc. etc.
Since then, all major new chains have been L2s - from DAOs (Unichain) to crypto corporations (Coinbase, Kraken) to tradfi (Robinhood), with the sole exception of Hyperliquid. There have been some L1 > L2 like Celo as mentioned. However, over 4 years, most legacy L1s have remained L1s.
Potential reasons:
- Application demand growth has been a fraction of expectations. Most L1s have barely any activity and have no need for the greater performance or interoperability of L2s
- L2 & blob dev have slowed down since '22 potentially due to the above, with performance much lower than expected in '25
- Much of their token value is based on being an anti-ethereum cult
- The industry has pivoted to degeneracy, decentralization/security matter less now 11 replies
27 recasts
167 reactions
0 reply
0 recast
0 reaction
6 replies
22 recasts
155 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
26 replies
82 recasts
468 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
138 replies
359 recasts
975 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
1 reply
0 recast
3 reactions
246 replies
452 recasts
2111 reactions
0 reply
0 recast
0 reaction
4083 replies
4144 recasts
8009 reactions
0 reply
0 recast
0 reaction
