The Ethereum L2 shutdown wave continues—following Blast, Abstract is also shutting down. Starting from this cycle, general-purpose chains without inherent demand, whether L2 or L1, have lost their significance for rebuilding. The crypto space is transitioning from an era focused on infrastructure development to one centered on application development. These L2s that are shutting down often launched using strategies from the previous cycle: Deploy a general-purpose L2, use incentives and airdrops to pump up TVL, and then rely on tokens to socialize costs. Once the subsidies stop, the sequencer revenue can’t cover operational expenses, leaving the chain as nothing more than an empty shell. Actually, Abstract is slightly better—it realized this earlier than Blast. It has real users and a brand, yet still chose not to issue tokens to forcefully sustain itself. This also shows that the expectation of airdrops alone can no longer generate sufficient demand. More L1 and L2 chains will shut down next, signaling that we’ve reached a critical turning point in the bull-bear cycle.