New 21Shares outlook: most Ethereum L2s won’t survive past 2026.
📉 Usage on smaller L2s down 61%
⚖️ ~90% of L2 activity concentrated on
@base.base.eth ,
@arbitrum ,
@optimism
🟦 Base alone processes 60%+ and was the only L2 profitable in 2025
The L2 market is consolidating fast — liquidity, developers, and revenue are clustering around a few winners.
cc:
@vittoriocappelli ,
@optimismshow
