Ethereum’s L2 story is quietly changing.
• Rollup TVS: $40.3B (-13% YoY, down from $50B peak)
• Activity: ~3,470 UOPS and rising hard since Sep
Usage ↑, capital ↓.
As L1 fees stay low and gas limits rise, rollups are shifting from “$ETH shards” to execution layers — optimized for cheap transactions, not capital storage.
Different L2s, different trade-offs. One-size-fits-all is gone.
ETH
2,308.8
+1.99%