Chainfeeds Introduction:
Since 2023, new Ethereum L2s have emerged rapidly, with data on 74 L2s and 30 L3s currently on L2BEAT. However, only a few general-purpose Rollups have gained mainstream attention, attracting significant TVL and users. This article focuses on the nine largest ones.
Source:
https://x.com/stacy_muur/status/1834171767495295331
Article author:
Stacy Muur
Viewpoint:
Stacy Muur: Circulating Market Cap (MC) and Fully Diluted Valuation (FDV): Currently, most L2s have billions of dollars in FDV and less than $1 billion in circulating market cap, indicating that a large portion of their tokens are not yet in circulation. The exception is Mantle, which has 52% of its supply unlocked, making it the only L2 with a circulating market cap of more than $1 billion. High FDV and low circulation is a key reason why many recent airdrops have failed to meet user expectations. It is challenging to assess current valuations and there is uncertainty about the future downward trend. Total Value Locked (TVL): In terms of TVL, all chains have had a rough summer except for chains with ongoing incentive programs such as Scroll, Linea, and Mantle. However, compared to newly announced airdrop programs such as Scroll, Linea's airdrop program has been ongoing for nearly a year and community interest has declined. Among the poorly performing chains, ZKsync and Blast have been the most affected as these two chains have issued tokens this year, resulting in liquidity migration to more profitable locations. Fees and Trading Activity: After the Dencun upgrade, DA no longer significantly drives the economic development of ETH, which affects the fees of Ethereum and L2. Therefore, it is crucial to analyze the dynamics of fees and trading activity. In this regard, Base, driven by speculation, has become the main venue for the release of new memecoins on Ethereum L2, and its trading volume continues to grow, showing strong traction. In contrast, ZKsync and Linea are still struggling. Monthly Active Users (MAU): MAU dynamics, a key metric for evaluating chain retention, also show similar trends. Mantle and Base perform best, while Starknet, ZKsync and Blast lag behind. Comparing the MAU data with FDV, it is clear that Starknet is severely overvalued compared to Arbitrum, Optimism and even ZKsync. Bridge Inflows and Outflows: Bridge net flow is a key metric for evaluating the inflow of new users and capital. Among L2, those with positive net flow include Arbitrum, Starknet, Optimism, Base and Mantle, among which Mantle has the largest difference in inflow and outflow value. In contrast, Linea, ZKsync, and Blast show negative net flows. Developer Activity: Developer activity is measured by the number of core developments and code commits. These data help assess the current productivity of a team and detect if downsizing is ongoing. The most surprising case is Blast, which currently has over 300 core developers (compared to 30-50 for most L2s) and a large number of code commits. 【Original text in English】
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