Are L2s Dying? It’s all 3 at once: growth at the system level, saturation at the general-purpose layer, and a reset in security + economics. First, growth is undeniable. On an activity frame, rollups are doing ~2.13K user ops/sec vs Ethereum L1 ~33.13 UOPS. That’s ~100x scaling in raw execution demand. Converted, that’s ~184M user ops/day on rollups vs ~2.86M on L1. ----- But the structure just changed. - #Base alone is sitting >60% of all L2 txn share - Base roughly 47% of rollup DeFi TVL, Arbitrum ~31%, OP mainnet ~6%, everyone else fighting for scraps. - Base is migrating off the Optimism OP Stack to operate its own chain. - In January 2026, total gas fees across OP Stack were ~68.2 ETH (~$199.7K). Base alone accounted for ~$192.9K - ~96.5%. - In 2025, Base generated an estimated 71–90%+ of Superchain sequencer revenue. Base was already the only L2 with a clearly positive 2025 bottom line (~$55M after blob costs). No token required. If a chain is just a generic EVM-but-cheaper rollup, idk who exactly they’re stealing users from. Because they’re not outcompeting Base’s distribution funnel, not out-liquiding #Arbitrum’s DeFi bank vibe, and not out-network-effecting #OP Stack as infra. -----...