This article discusses the sustainability of Layer 2 （L2） chains, highlighting the challenges faced by niche chains and the successful models that have emerged in the market.
Points
- Sustainability challenges for L2 chains.
- Successful L2 chains and their models.
- Impact of tokenization and value inflows from Ethereum.
- Future prospects for L2 chains in the crypto ecosystem.
The Sustainability Challenge for L2 Chains
Not all Layer 2 （L2） chains will survive in the evolving crypto landscape. Niche chains often struggle to sustain themselves, failing to attract enough users or value inflows. The need to scale Ethereum led to the creation of multiple L2 chains, many of which exaggerated their claims and did not find sustainable models.
Successful L2 Models and Value Inflows
The L2 market is dominated by some of the biggest chains that have secured their positions through significant value inflows from Ethereum. These chains have leveraged peak venture capital （VC） funding, creating networks and tokens with substantial insider holdings.
Company-Based L2 Chains
Company-based L2 chains are emerging, following initial involvement with tokenization. While public and private blockchains have been used so far, fintech tools like Robinhood and other payment apps are exploring native chains for better security and predictability.
The Role of Tokenless Protocols
Some successful models, like the tokenless protocol of Base, aim to attract real users without relying on
native tokens for incentives. These models focus on providing value through robust infrastructure and user engagement rather than speculative investments.
L2 Chains and Their Use Cases
L2 chains offer various benefits, including faster transaction speeds and lower fees, making them suitable for specific tasks like gaming and DeFi applications. Chains like Ronin and Polygon have become popular solutions for Web3 gaming, offering scalable and efficient platforms for developers and users.
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Competition Among Scalable Networks
L2 chains face competition from other scalable networks like Solana and Toncoin. While L2 chains are essential for scaling Ethereum, they must continuously innovate to stay relevant and avoid becoming ‘ghost chains’ with little to no activity. Projects like Polkadot and other multi-chain hubs are also vying for dominance in the scalable network space.
Avoiding the ‘Ghost Chain’ Status
During previous market cycles, some L2 chains struggled to maintain activity and became ‘ghost chains.’ For example, Shibarium, connected to the Shiba Inu ecosystem, reported only 2.31K transactions per day out of 1.8M wallets. To avoid this fate, L2 chains need organic traffic and real use cases beyond incentivized activities.
Transparency and Real User Engagement
Transparency and genuine user engagement are critical for the success of L2 chains. Chains like Arbitrum have achieved significant earnings by focusing on real applications and user needs. However, some chains, like ZKSync, have faced scrutiny for relying heavily on incentivized airdrop farming, which can inflate usage statistics without real engagement.
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Conclusion
While many L2 chains may not survive in the long term, those that adopt successful models focused on real user engagement and transparent operations have the potential to thrive. Continuous innovation and adaptation to market needs will be crucial for the sustained success of L2 chains in the evolving crypto ecosystem.
解説
- L2 Chain Challenges: Understanding the sustainability challenges faced by L2 chains helps in identifying potential weaknesses and areas for improvement.
- Successful Models: Analyzing successful L2 models provides insights into strategies that can lead to long-term success.
- Market Competition: Recognizing the competitive landscape among scalable networks highlights the need for continuous innovation and adaptation.