Integrating L2 and solving liquidity fragmentation means using technical methods to unify these scattered liquidities, making the entire Ethereum ecosystem feel like a single network. For example, enabling seamless asset transfers across L2s without repeatedly locking liquidity; achieving chain abstraction by hiding underlying details at the application layer, so users don’t need to perceive switching between L2s; or enabling cross-chain execution through standardized order and settlement interfaces (like Filler or Solver roles). When it comes to L2 valuation, the most important factor is how many real users are on the network and how much real transaction volume they contribute. Specific aspects include TVL/active user count, real transaction volume/revenue and profit/TPS/security, etc. TVL (Total Value Locked) refers to the total value of assets locked on L2, which directly reflects user trust—essentially voting with their money. High TVL indicates stronger network effects and liquidity. User count and transaction volume reflect real adoption, such as daily/monthly active addresses. Only with good applications will there be real active users and transaction volume. Revenue and profit represent the sustainability of L2. L2 generates revenue through transaction fees, while profit is revenue minus operational costs (e.g., data availability fees). Although this isn’t a key factor for valuation in the early stages, sustainability is still important, and as applications mature and saturate, the weight of revenue and profit in valuation will increase. Security mainly refers to bridge security, the degree of decentralization, and potential risks (e.g., rollup types). These are foundational factors for the stability of long-term value.