The U.S. Securities and Exchange Commission (SEC) has officially approved the 19b-4 application form for the Ethereum spot ETF, marking another milestone for the cryptocurrency industry. After the Ethereum spot ETF is approved, the focus of attention on Ethereum may shift to the Ethereum L2 network and the Ethereum staking and re-staking track.

Looking at the numerous L2 networks, the current landscape shows a "hundred flowers blooming" trend. It is no wonder that some people in the market believe that "L2 networks are just a variant of the former ICO craze."

Base: Backed by Coinbase, it will become the rising star of L2 network in 2024

If the popularity of Friend.tech in 2023 only left people with an impression of the Base ecosystem, then in 2024, the Farcaster social protocol and the Base Memecoin craze that followed the Solana ecosystem Memecoin craze have made people have more and higher expectations for the future development of Base, the "son of Coinbase." Especially after Farcaster announced the completion of a $150 million financing led by Paradigm, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto and other institutions, the Base network ushered in another wave of new additions.

Whether the token has been issued: No token has been issued (due to Coinbase’s regulatory issues, officials have repeatedly emphasized that the Base network will not issue native tokens);

Ecosystem TVL: $6.62 billion

Popular projects in the ecosystem: Friend.tech, Farcaster, Aerodrome

Blast: The first chain to attract deposits with high interest rates, airdrop expectations are the key

If other L2 networks are taking the development route of "steady progress and building an ecosystem", Blast, as an L2 network backed by Blur, an emerging NFT platform, has taken a different and wild route of "high-interest deposit collection", which has also set off the prelude to the "L2 network TVL war". The airdrops of Blast and Blur Season 3 are the key factors that have attracted market attention for a certain period of time. Currently, Blast has announced that its airdrop activity will be launched on June 26, and Blur Season 3 will also end on the same day and will be supported by Blast.

Whether the coin has been issued: No coin has been issued;

Ecosystem TVL: US$3.19 billion;

Popular ecological projects: Juice Finance, Thruster, etc.

Scroll: L2 star player, procrastinator

On May 17, Whales Market launched Scroll points. Combined with the early user contribution reward system released by Scroll and the official disclosure that "the system is calculated based on the gas fees spent by users and will be used for the official TGE", the market and community speculated that Scroll may have put the issuance of coins on the agenda. As a star player in the L2 network, Scroll has become the "procrastination duo" together with zkSync.

Whether the coin has been issued: No coin has been issued;

Ecosystem TVL: US$598 million;

Popular ecological projects: Tokan Exchange, Pencils Protocol, etc.

zkSync: Several years of construction, coin issuance is imminent

Previously, according to people familiar with the matter, zkSync will start airdropping tokens in mid-June. Later, the official account of zkSync also posted a message suggesting that the airdrop might not be subject to Sybil review. When the news came out, the market was shocked and many people expressed their appreciation for it. Combined with LayerZero’s recent “Sybil Attack and Defense War”, many people sighed that “the situation is clear at once”, and some people sighed that hard work pays off. After several years of construction, zkSync is finally going to issue coins.

Whether the coin has been issued: No coin has been issued;

Ecosystem TVL: US$886 million;

Popular ecological projects: Koi Finance, zkSwap FInance, etc.

The issuance of zkSync and Blast coins may mark the second half of L2 development

According to data from the L2 Beat website, the total TVL of the L2 network has reached 45.59 billion US dollars. Although it is within a certain range of fluctuations, the increase in 7 days has reached 17.98%, which still shows that the market is highly concerned about and enthusiastic about the L2 network. Now that the Ethereum spot ETF has been approved, perhaps the next wave of market hotspots and capital flows will be the many L2 networks including the above popular ecosystems.

Whether different types of L2 networks can find their own ecological niche and whether they can seize the opportunity brought by the Ethereum spot ETF amidst the coexistence of crises, perhaps the performance of zkSync and Blast, which are about to issue tokens in June, can give us some insight.

Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together. If you have any questions, you can comment and ask questions