Author: NingNing, Cryptocurrency Analyst Source: X (original Twitter) @0xNing0x
This Sunday, the average gas fee on the Ethereum mainnet has dropped to single digits, at 8.
Currently, the gas fees on the Ethereum mainnet are primarily consumed by stablecoin gateway contracts, L2 sequencers, Uniswap V2 contracts, and OpenSea’s Seaport contract.
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A gas fee average of 8 means that on-chain activities such as Dogecoin farming, minting small images, cash flow transactions, and L2 airdrops have almost come to a standstill.
In addition, Connext has launched a witch hunt campaign, LayerZero is partnering with third parties for user profiling, and the details of Starknet’s airdrops have become mysterious. The “撸毛工作室” (a term referring to a group of people who take advantage of airdrops) and “Solo羊毛党” (a term referring to individuals who take advantage of airdrops) as the last warriors in the crypto world have also started collectively taking a break.
Although speculative behavior in the crypto world is common in the short term, it does not mean that the L2 Stacks War has ended.
In fact, DApps based on L2 Stacks and general-purpose L2 games are just getting started.
Since the block space on the Ethereum mainnet will be filled with transactions even during bear markets, it can be foreseen that the gas fees on the Ethereum mainnet will skyrocket in the next bull market, which will leave it as the final settlement layer.
Therefore, the relationship between the Ethereum mainnet and L2 is evolving towards the relationship between central banks and commercial banks, where applications will be handled on L2, while the security and finality of the system will be monopolized by the Ethereum mainnet.
Faced with this structure, DApp teams on the Ethereum mainnet have to choose between migrating to Alt L1, other L2s, or developing their own exclusive L2. Most DApp teams may choose to deploy their own L2.
This will contribute to the development of native tokens (as gas fee payment tokens for L2, staking for sequencer nodes, etc.) and also increase market valuation.
Currently, there are 4 major suppliers in the L2 Stacks market: OP Stack, Arbitrum Orbit, Polygon CDK, and Zk Stack.
OP Stack is far ahead in terms of freedom, openness, maturity, and prosperity. It supports developers to deploy their L2 without permission and customize the entire stack, including data availability layer, L1<>L2 bridge, sequencer, clearing layer, VM, and governance module.
Arbitrum Orbit is not very developer-friendly, as its data availability layer is limited to Arbitrum One, and commercial use requires approval from the Arbitrum Foundation or DAO. The Arbitrum team defines Arbitrum Orbit as L3 for Arbitrum One.
Polygon CDK is an evolution of the Polygon Supernet, supporting developers to customize data availability layer and sequencer, but it requires the use of common Zk circuits, ZkEVM, L1<>L2 bridge, and the code must be open source.
Zk Stack is an upgraded version of ZkSync HyperChain and represents the ZkRollup camp. It has some similarities with Polygon CDK in terms of the stack, but its ZKP proofs are in a layered aggregation structure. Commercial use requires permission.
Currently, the long-term demand side of the L2 Stacks market includes Celo, which focuses on green finance, Immutable X/Loot, which focuses on Web3 games, MUD, which focuses on full-chain games, GMX, which focuses on perpetual contract trading, the EggBase chain under Coinbase, and the UBI project WorldCoin, which focuses on inclusive finance.
Among these long-term demand side players, the OP Stack solution is the most widely adopted, followed by the Polygon CDK solution, while the Zk Stack and Arbitrum Orbit solutions have zero adoption.
However, the L2 Stacks War has just begun, and the final outcome has yet to be determined. We hope that the L2 Stacks, which adhere to the open, transparent, and permissionless spirit of encryption, will have the last laugh.
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