There are very few narratives that can span cycles, even fewer tracks truly driven by demand, and cross-cycle, demand-driven niche tracks are even rarer. Ethereum's @ethereum L2 track is one of them. According to data from @growthepie_eth, there are currently 101 L2 chains with TVL exceeding $100,000; the Ethereum ecosystem's total network TPS has reached 315.6, completing about 315 transactions per second. This number continues to hit new highs, with a whopping 94.31% of it contributed by L2s. Among the top-ranking L2 chains by TPS: - There's @Lighter_xyz, focused on perp DEX - @Celo, focused on payments - @0xPolygon (sidechain), focused on RWA - @worldcoin, focused on DID - And general-purpose high-performance L2 chains like @base / @arbitrum / @Optimism After Ethereum's Fusaka upgrade, the upcoming activation of lightweight Blob expansion BPO forks will bring a significant performance boost to L2 chains. It’s foreseeable that the L2 track will be the long-cycle narrative of this round and even the next, as L2 infra will enable higher-frequency, lower-latency, and low-cost application scenarios to land.