The Essence of L2

As an execution layer, L2's characteristics are fundamentally no different from L1, and its product definition does not rely on its relationship with L1.

Why is L1 valued higher?

Differences in Token Models

L1 Flywheel Effect: Increased activity drives users to pay more fees, stakers pursue returns, and new asset issuance further boosts token demand.

L2 Shortcomings: Lacks a similar flywheel; the current token economy only partially incentivizes users.

Directions for L2 Improvement

Shift in Thinking:

Decide whether to align with L1 or operate independently, leveraging L2's technological advantages (such as performance optimization and custom block construction).

Correction of Token Economics:

Establish a bidirectional flywheel between activity and token demand, enhance governance rights, and allow stakers to share in the profits rather than relying solely on custom fuel tokens.

Conclusion

The valuation difference between L1 and L2 stems from market perception and token model design, rather than technical essence. If L2 adjusts its positioning and economic mechanisms, it can narrow the gap with L1.

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