The practical bottom line for Ethereum's L1+L2 model is that L2s help grow the L1 as the global hub and are a highly competitive option for institutions coming on-chain. Institutions choose between 1. alt L1 2. corp system/CEX (aka L1 with a validator set of 1) 3. validium/optimium L2 4. stage 0 rollup L2 5. stage 1 rollup L2 6. stage 2 rollup L2 Despite what some seem to believe, the net risks[1][2] among these options vary widely. And institutions know it because they do serious diligence. Plus, L2s benefit from non-cross-L1[3] access to the Ethereum L1 as the global hub with ~~$500B in assets and a "city" of other users/apps/tokens/protocols/settled L2s. The Bull Case For L2s is they are simply great for growing Ethereum L1 and for institutions coming on-chain. Institutions 🤝 L2s 🤝 Ethereum L1 ~~~ [1] Vitalik on control as liability (2009) vitalik.eth.limo/general/2019/...… [2] L2Beat detailing how Stage 2 isn't the only valuable milestone in reducing risk. Stage 1 and Stage 0 reduce *net* risks for L2 operators and L2 users, too l2beat.com/scaling/projects/ar...… [3] Vitalik on the added risks of cross-L1 bridging (2022) old.reddit.com/r/ethereum/comm...…