The essence of L2 As an execution layer, the characteristics of L2 are not fundamentally different from L1, and product definition does not depend on its relationship with L1. Why is L1 valued higher? Differences in Token Models L1 flywheel effect: Increased activity drives users to pay more fees, stakers pursue returns, and new asset issuances further drive up token demand. L2 weakness: Lack of a flywheel like mechanism, and the current token economy only partially incentivizes users. L2 improvement direction Thinking transformation: Decide whether to align L1 or independent users, utilizing the advantages of L2 technology such as performance optimization and custom block construction. Token Economics Revision: Establish a two-way flywheel between activities and token demand, enhance governance power, and allow stakers to share profits instead of relying solely on custom fuel tokens. conclusion The valuation difference between L1 and L2 is due to market awareness and token model design, rather than technical essence. If L2 adjusts its positioning and economic mechanism, it can narrow the gap with L1.