Can Layer 2 really save Ethereum? A scan of the current status of the top 10 projects.

The gas fees for Ethereum once skyrocketed to hundreds of USDC, and this is no secret. After Layer 2 emerged as a solution, the on-chain ecosystem surged wildly – but the current situation is, how many projects have actually survived?

Currently Active Layer 2 Teams

First Tier (Truly has Ecosystem)

• Polygon (MATIC): The earliest to launch, the total value locked in DeFi once exceeded 10 billion USD. Currently, the daily active addresses are still in the millions.
• Arbitrum: Top applications like Uniswap and Aave have arrived, with TVL stable at over $1 billion.
• Optimism (OP): Strong funding background (supported by a16z), rapid development of application ecosystem.

Second Tier (Vertical Track Specialization)

• Immutable X (IMX): Dedicated to NFT trading, transaction fees reduced to almost 0, but ecosystem limited to the NFT field.
• zkSync / StarkWare: Zero-knowledge proof route, stronger security but relatively slow ecological development.
• Loopring (LRC): Self-built DEX model, small user base but good retention rate.

Third Tier (Still Exploring)

• Metis, Boba Network, Fuel: Although they have secured significant funding, the speed of application adoption is lagging, and user growth has slowed.

What is the truth?

On the surface, the competition among 10 Layer 2s is fierce, but in reality:

1. Ecosystem differentiation is significant: Arbitrum and Optimism account for over 60% of the total ecosystem's TVL.
2. Cost advantages are narrowing: After the Ethereum upgrade, gas fees have significantly decreased, and the “cheap” advantage of Layer 2 is no longer so absolute.
3. Poor user retention: Many users are arbitrageurs, not long-term users.
4. Fragmentation Issue: Funds are scattered across multiple chains, leading to fragmented liquidity.

Directions Worth Noting

• Zero-knowledge proofs (zkSync, StarkWare) are technically superior in the long run.
• The speed of migration for ecological applications is more important than the scale of financing.
• Cross-chain interoperability will become the next competitive focus.

Which Layer 2 coin do you hold? Do you still have confidence now?