L2 was probably the hottest track in Web3 before, and many people made money from L2 air drops. Back then, there was fierce competition among dozens of chains, with all kinds of massive bull runs—looking back, it all feels sweet 😂 Now the market has changed. Users and capital are increasingly concentrated in a small number of leading L2s. Many project teams either stay silent or simply leave. Purely racing for speed and cheapness is no longer enough to attract new incremental demand.