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.base.eth 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 https://youtu.be/g2fSQR0w3FU?si=FvNI_N2QRTMVNAoJ