Can you provide a detailed explanation of the L2 issue and whether L2 has truly failed Vitalik expressed that the future significance of generic L2 is not significant, as it initially only provided extensions, while Ethereum L1 now has strong scalability. Therefore, his suggestion is that these L2 should find value additions beyond "extensions", such as privacy, social, and PERP, for example, Lighter. But in the end, it is highly likely that this matter will not be under Vitalik's control, Because L2, such as Base, which has already developed, will continue to be active and will not directly shut down its ecosystem due to V's views, just like in 2020, V was overly concerned about DeFi Summer, but it does not affect the wild growth of the DeFi ecosystem. This is where the charm of decentralization lies. But I personally think it's right to encourage application-oriented L2. The infrastructure of Ethereum is currently the best, and with this condition, there is a great opportunity to attract institutional deployments, such as Robinhood (although it is currently planned to be built on Arbitrarum). There is a big problem with this cycle, which is that the market is too concerned about Vitalik's views on ecological construction. In fact, what he can do in this field is very limited, only to make the road wider and flatter. He cannot influence what cars run on the road, nor can he control how fast they run. Returning to the debate over whether L1 and L2 should coexist, the price of ETH actually has little to do with L2, it's just a hot pot that researchers are trying to find. It can be imagined that even without L2, a large number of sidechains and homogeneous L1 will be everywhere, just like Polygon, BSC, Avalanche. If these chains become bigger, won't they suck Ethereum's blood? This competitive relationship has always existed and will not become larger or smaller due to the emergence of L2.