14 小時前
Think another key issue with general-purpose L2s (aside the lack of adoption if they don't solve an actual problem) is often the economics around the tokens and a lack of actual demand for it.
After all, in this hyper-financialized industry, the token is not just one of the most powerful marketing and community building tools projects have at disposal, it's also part of the product itself to some degree.
@megaeth_labs looks like one of the more interesting players also in this regard, as the token clear system utility that's supposed to drive demand.
More specifically, MegaETH leverages a single, yet rotating sequencer that "follows the sun", meaning that it rotates with the world’s economic day, from Tokyo, to the Netherlands, Northern Virginia, and Los Angeles.
For each window one sequencer (based on MEGA stake, past performance, and infra) is selected to build blocks during that window. While the rotation mechanics optimizes latency for where users are most active at any given time, the stake-based selection drives token demand among sequencer candidates.
That's not all yet tho. The second part of the equation are "proximity markets", a.k.a. bidding for sequencer-adjacent floorspace (co-location). I find this quite interesting as it clearly aligns with a core focus of MegaETH (realtime finance and onchain orderbooks).
The market for co-location allows market makers and apps to lock MEGA to participate in the bidding to optimize for minimal latency so that orders are submitted and confirmed in real-time, tightening spreads and deepening liquidity. With growing demand for co-location (driven by ecosystem activity, latency-sensitive market participants and apps), so will the demand for MEGA.
One example of a team building around this already is @valhalla_defi, which runs a parallelized sequencer near the MegaETH sequencer, aiming to retain the low latency of MegaETH while still getting app-specific sequencing and gasless trading.
Think the focus in the L2 world has been on "plain vanilla" EVMs for too long, which especially in the Ethereum ecosystem has led to a lot of replication but brought little innovation.
While Base (CB distribution power), Arbitrum (first mover) and increasingly Mantle (app layer innovation) are quite successful, most other EVM L2s have never really gained traction, or have been bleeding significantly in recent months/years (e.g. OP mainnet which lost 2/3 of TVL since ATH).
Imo that's not too surprising bc the Ethereum ecosystem and the broader market don't need 50 EVM L2s. At least not unless they bring something actually new to the table.
I always liked the "network extension" idea from the Solana ecosystem in this context, which while being a rather broad term wrt what it can entail from an architectural perspective (e.g. Bullet, MagicBlock, Neon, etc.), is quite clear wrt the intention (extending the network's functionality).
Makes sense given @solana's much stronger focus on scaling L1 execution kind of removes the need for L2s that replicate the L1s functionality on L2. Yet, there are use cases and apps that might still be hard to realize or that at least suffer under the constraints of the L1 execution environment.
Bullet with it's perp DEX is a good example here on Solana, while on Ethereum similar appchains (e.g. @Lighter_xyz or @Paradex) that specialize instead of building another general-purpose EVM, and EVM L2s that innovate beyond what we've seen so far (e.g. @megaeth_labs or @rise_chain enabling realtime execution or @fluentxyz pioneering blended execution), now actually bring innovation to the Ethereum ecosystem that significantly broadens the design space and the network's functionality.
While from the perspective of the base layers (Ethereum and Solana) the controversy around value accrual potential that L2s actually provide for the L1 (especially if they are fully modular, reducing L1 role to settlement only) vs enabling those apps on L1 remains, I think the rise of more opinionated and specialized L2s is a healthy and promising development.
Yet, demand for the block space and all the theoretical TPS of these chains (not to forget all the old and new L1s that are out there too) has to grow as well to support the increasing number of chains. What's certain tho, is that the battle for attention, users, liquidity and ultimately relevance, in what measured by current standards seems like a rather saturated market, will be fierce. Strong technical moat and real innovation are a good start, but don't guarantee long-term success.
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