L2's high valuation and low circulation are just a superficial phenomenon.

L1 also has this problem, and apt, sui, and sol have been unlocked continuously.

The essence is that there is insufficient demand for block space and no large-scale application has exploded.

Gamefi, socialfi, RWA, etc., which were once thought to have exploded in this round, did not explode.

Only meme made sol rise, and other L1s were actually quite weak.

The public chain track was the king in the last cycle, and the application is the king in this cycle.