L2s really are cooked. First, there are so many competing L2s. Arbitrum, Base, Mantle, Ink, megaETH, Aztec, etc, etc. Second, in 2026 L2s also have to compete with modern, fast EVM L1s. Just as fast, but more decentralized. Third, Ethereum keeps lowering its own gas and increasing the fees L2s have to pay. Mainnet is more competitive with L2s than ever. As Vitalik says, "You can just build on L1." In 2026, momentum will shift from L2s back to L1s.