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L2
Layer 2 economics: fee switches, value capture, and why usage charts and token charts keep disagreeing.
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L2
DeFi
Apps Eat the Stack: Why L2 Tokens Keep Underperforming
Layer 2 networks process five times Ethereum's transaction volume. Their tokens have lost 80-90% of their value. The value is migrating to applications, and the market is only just starting to price it.
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L2
Narrative
"Another L2" and the Cost of Sounding Generic
A structured review of the claims, proof gaps, and narrative problems behind the endless stream of identical Layer 2 pitches.
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