This website by @bitfish is really great; it could be a chronicle of the demise of L2! Link: https://unlost.money/sunset/ The peak of L2's popularity was probably from 2023 to the end of 2024, especially around November 2024. The ARB airdrop on March 23, 2023, was a major turning point. After that, the L2 market basically followed a template: 1) Launch a blockchain; 2) Attract freeloaders with rewards, cross-chain functionality, deposits, and transaction bonuses; 3) Build data and secure funding; 4) TGE (Transactions on the blockchain), everyone's happy, users and liquidity quickly leave. After commoditization, supply and demand became unbalanced, and many blockchains lacked unique applications, simply replicating the same DeFi, NFT, and reward system. The remaining L2 tiers are divided into three groups: Tier 1: Base, Arbitrum Tier 2: OP Stack ecosystem, Mantle, Starknet Application-specific winners: Lighter, Unichain, Ink