Looking at the Layer 2 battle situation, Blast still has 350 core developers?

In short, ZK Rollup is still a long way from large-scale application. This article originates from a tweet written by Stacy Muur and is organized, compiled and written by Shenchao. (Previous summary: How much does it cost to execute a Layer2? Let me calculate it for you) (Background supplement: 71 Layer2s are running and 82 will be online soon. Do we really need so many L2s? ) In short, ZK Rollup still Still a long way from mass adoption, the red market is the ultimate test of the protocol and can reveal the true distribution of users. This is my in-depth look at the state of Ethereum L2, with rich visuals and on-chain analysis. Ethereum L2 has risen rapidly since 2023, with @l2beat currently tracking 74 L2 and 30 L3 profiles. However, only a few general-purpose rollups have gained widespread traction, attracting large numbers of TVLs and users. This study focuses on nine of the largest Rollups. Market Cap: Circulation Market Cap and Fully Diluted Market Cap Currently, the fully diluted valuation (FDV) of most L2s reaches billions of dollars, but their circulating market cap is less than $1 billion, indicating that most Tokens have not yet entered market circulation. The only exception is @0xMantle, with 52% of its supply already unlocked, making it the only L2 with a circulating market cap of over $1 billion. High FDV and low circulation are one of the main reasons why many recent airdrops have failed to meet user expectations. Assessing current valuations is challenging, and there is uncertainty about possible future downward trends. Total Value Locked (TVL) In terms of TVL, all chains have had a rough summer except those with ongoing incentive programs like @Scroll_ZKP, @LineaBuild and @0xMantle. However, compared with Scroll’s newly launched plan, Linea’s airdrop plan, which has lasted for nearly a year, has received less attention in the community. Among the underperforming chains, @zksync and @blast were the most affected, as these two chains issued their tokens this year, causing liquidity to shift to more attractive places. Fees and Transaction Activity Since Dencun, DA no longer significantly drives ETH’s economics, which has had an impact on Ethereum and L2 fees. Therefore, it is particularly important to analyze fee dynamics and transaction activity. In this regard, @base is seen as the main destination for new memecoin launches on Ethereum L2, showing strong traction and trading volumes continuing to grow, driven by speculation. In contrast, @zksync and @LineaBuild have performed less well despite @LineaBuild’s ongoing incentive program. Monthly Active Users (MAU) Changes in MAU, an important indicator for evaluating chain user retention, show similar trends. @0xMantle and @base performed well, while @StarknetFndn, @zksync and @blast performed poorly. By comparing the MAU profile to the fully diluted valuation (FDV), it is clear that Starknet is significantly overvalued compared to Arbitrum, Optimism, and even ZKsync. Bridging inflows and outflows Bridging net flow is an important indicator of new users and capital inflows. In L2, those with positive net traffic include @Arbitrum, @StarknetFndn, @Optimism, @base and @0xMantle, with @0xMantle having the largest gap between inflows and outflows. In contrast, @LineaBuild, @zksync, and @blast exhibit negative net traffic. Developer Activity Finally, developer activity is measured by core development projects and code commits. This information helps assess the team's current productivity and identify any reductions in headcount. The most surprising thing is that @blast currently has over 300 core developers (compared to the 30-50 that most L2s typically have). This large team also contributes a large number of code commits. What exactly are they doing? This is unknown. If you want to learn more about the impact of airdrop activities on various indicators of Ethereum L2, you can check out my article "The State of Ethereum Rollups" on Substack. This article summarizes the conclusions of my research and expresses my personal views on the distribution of power in Ethereum’s Rollup. In short: ZK Rollup is still a long way from mass adoption (which is a shame). Related reports Sony L2 "Soneium" will fully integrate its gaming, music, film and television industries. What changes will the Sony empire face? Exclusive interview with Justin Sun: TRON will become the communication center of the Bitcoin L2 ecosystem, and "gas-free" stablecoin transfers will ignite a new era of crypto payments. Public chain profit showdown: Who is the most profitable L1 and L2? 〈Looking at the Layer 2 battle situation, Blast still has 350 core developers? 〉This article was first published in DongZu BlockTempo "DongZu DongTen - the most influential blockchain news media".