Ethereum's L1 has always had tremendous competitiveness in terms of technology, ecosystem, and network effects;

Especially with the rise of L2, this advantage has been further enhanced.

Future technological integrations, such as a unified liquidity layer, may further widen the gap with other public chains.

Do not be blinded by price; gold takes time to shine:

1⃣️ Valuation and Competitiveness of Ethereum L1:

Underestimation Argument: One reason Ethereum's L1 may be underestimated is its depth and breadth of infrastructure and ecosystem.

Ethereum is not only leading in the development of smart contracts and DApps but is also continuously improving its performance through updates (such as the advancement of Ethereum 2.0) (for example, increasing throughput through sharding technology Danksharding).

2⃣️ Competitiveness of the L2 Ecosystem:

Threat of L2 to Other L1s: Ethereum's L2 solutions (such as Arbitrum, Optimism, zkSync, StarkNet, etc.) provide scalability for Ethereum by optimizing transaction speed and costs.

This means that although other L1s may have gained some performance advantages initially, Ethereum offers a path to significantly improve performance without making major compromises on security and decentralization through L2 solutions.

This may explain why some analysts believe that Ethereum's L2 is the real competitor to other L1s, as it largely enhances Ethereum's overall competitiveness.

3⃣️ Vision of a Unified Liquidity Layer:

Future Development Direction: If Ethereum can achieve the unification of the L2 ecosystem, meaning interoperability of liquidity between different L2 solutions, it would be a breakthrough.

Currently, there is still some friction and cost in bridging between L2s. If this unification can be realized, it will not only improve user experience but also further solidify Ethereum's position, creating a stronger network effect.

This will make Ethereum's dominance in the ecosystem more secure over the next decade, as the concentration effect of liquidity and user base is extremely difficult for other emerging public chains to surpass in a short time.

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