DeFi

Gm frens

What are y’all thoughts on L2s atm?

I feel like the top ones are a bit under valued. Basically all of them are worth low single digit billions or less, despite having pretty strong network effects.

Meanwhile BNB is sitting at a $90B valuation with a fraction of the activity of Eth L2s.

L2s are one of the most over-crowded trades.

The top ones are extremely overvalued.

1) Chains look the “worst” when they have little usage because the lack of users is so glaringly visible.

2) Chains require a “neighborhood” of dAPPs to feel good to even “feel good” to use. Most don’t have this.

| Simplifes DeFi💡| Leads a crew of Ghostwriters

The top L2s have more activity than BSC tho

I don’t count BSC as a success story in the current market