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The L2 ecosystem of a major exchange has recently been disappointing. From 2024 to early 2025, there were indeed many impressive moments—several high-quality projects deployed on this chain, driving the development of the ecosystem. Especially the star projects in the AI Agent category contributed greatly and once served as an important support for the ecosystem.
But what is the current situation? The momentum is clearly waning. From the activity of builders to the overall ecosystem enthusiasm, there are obvious signs of decline. It's hard to say that the L2 track will remain so vibrant—without continuous innovative projects entering, the ecosystem can easily become weak. What will come after this wave remains to be seen.