Original Title: "With over 150 existing, do we really need so many Ethereum Layer 2s?"
Original Author: Joe, BlockTempo
As the investment enthusiasm for Web3 reaches new heights in 2025, both startups and major Wall Street firms are chanting the slogan "build your own Ethereum Layer 2." However, veteran analyst Paul Brody warns: for the vast majority of companies, an independent L2 may just be an expensive illusion.
The Dual Temptation: Low Cost, High Control
The core selling point of L2 is "security and efficiency in parallel." Enterprises can leverage the security mechanisms of the Ethereum mainnet while reducing Gas costs through batch settlements.
For example, Base, a subsidiary of Coinbase, generated $4.9 million in fee revenue in June but only had to pay about $50,000 to the mainnet. Additionally, the centralized node design allows companies to customize fees and access permissions, controlling the visibility of data, resembling an upgraded version of traditional private chains.
The Cold Reality: Most of the 150 L2s Are Ignored
However, behind the enticing story, market data pours cold water on the situation. According to L2Beat, of the over 150 existing L2s, the total value locked (TVL) is mostly under $1 million, with thin user activity. In a landscape of homogenized competitors, relying solely on "faster and cheaper" is no longer sufficient to stand out.
After investing in development, manpower, and marketing, if an L2 fails to quickly attract traffic, it is likely to become a sunk cost.
What Kind of Companies Need to Build Their Own? Looking at Wall Street Examples
Brody points out that only institutions capable of "bringing a large volume of native transactions at once" have the justification to build their own L2. The most typical examples are large financial service providers catering to retail investors. JPMorgan's Onyx division has already utilized L2 for gold tokenization, saving about 20% in costs; BlackRock's BUIDL fund has put U.S. Treasury ETFs on-chain, with assets exceeding $2 billion; Securitize is also managing $3.7 billion in assets on L2 and providing on-chain lending.
The commonality among these cases is: massive transaction volume, on-chain operations as the core of the business, and the need to maintain a high level of control within regulatory frameworks.
With the Ethereum Pectra upgrade being implemented, transaction fees are expected to drop to $0.001–0.08, making high-frequency scenarios more attractive. However, this ticket is not cheap; companies still need to answer three critical questions:
Can they aggregate transaction volumes far exceeding their peers?
Are on-chain transactions directly linked to their revenue model?
Does the built L2 create differences that other networks cannot provide?
Historical Warning: The Lessons of Private Chains Reappear
Most companies that want to maintain bargaining power and impose taxes on the ecosystem are driven to consider building their own. Similar impulses were seen during the private chain era, which often ended hastily due to a lack of interoperability and liquidity. Brody bluntly states: "History always repeats itself because we are not good at learning from it."
Without a large transaction volume, L2 still requires operations, audits, and security updates; rather than going it alone, it is better to connect to existing L2s that are mature, open, and have already reduced costs.
In summary, L2 is not a panacea. When market dividends fade, the ability to rationally assess one's own needs and invest capital in truly value-creating segments will be the crucial dividing line for success.
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