jakiro
Author: Ignas Source: X, @DefiIgnas Translation: Shan Oppa, Bitchain Vision
The current general view is that every new L2 added will further exacerbate the problem of user experience (UX) deterioration and liquidity dispersion, so it is negative news for ETH.
However, we have embarked on the “no return” of L2 expansion and cannot look back.
It’s time to redefine this narrative and see the new L2 launch as a good news for Ethereum.
Isn’t it too naive to say that?
In fact,The L2 release of Kraken and Uniswap is indeed beneficial to the Ethereum ecosystem.
You see, Kraken’s Ink and Unichain join the L2 competition, but they are not independent L2, but are joined as members of the OP Superchain.
The first benefit of the OP Hyperchain Alliance is to (ultimately) achieve a frictionless user experience between all members L2.
Hyperchain is a unified, interoperable network of chains that connects teams traditionally considered competitors.
In addition, this also brings economic benefits to OP Collective.
When the new L2 joins the OP hyperchain, it promises to contribute the higher of the following two:
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15% of its on-chain net profit (total sorter revenue minus the fees paid to L1), or
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2.5% of its total revenue.
At present, about 30 L2s in the OP hyperchain have contributed 15,800 ETH (approximately $40 million) to the Optimism Collective.
Currently Base and OP Mainnet are the biggest contributors.
Revenue is expected to increase further as Kraken and Uniswap’s Unichain join.
These funds help drive the future of Optimism and Ethereum:
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Public Products: Provide financial support for projects in the Ethereum ecosystem, such as infrastructure and development tools.
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Network Growth: Support the development of OP chains and promote the adoption of Ethereum.
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Innovation: Provide financial support for new technological advancements.
$40 million may not be much, but at least Optimism Collective has a value accumulation mechanism.
Ethereum L1 can draw from Optimism and encourage L2s to return value to ETH at least on a social level, even if it cannot be technically done.
This is a key factor in optimizing ETH.
After reading Vitalik’s four-part series of articles on the Possible Future of the Ethereum Agreement, I haven’t seen any new, clear L2 profit model.
He mentioned that Ethereum-based rollups can improve L1 efficiency through tighter integration and seamless interoperability, ensure higher security, and bring more value to the main chain.
However, more and more major players choose to join OP Stack instead of releasing rollups based on Ethereum.
Perhaps L1 could advocate for a wider adoption of Ethereum-based rollups.
Vitalik also discusses how to extend L1 to suit specific use cases that should be retained in L1, thus retaining value.
As more L2s join the OP hyperchain under the shared revenue model instead of independently releasing L2, the funding support for the Ethereum ecosystem has increased.
This also provides more incentives to solve user experience and liquidity issues in each L2.
I can’t wait to see the “seamless flow of capital in the super chain” be realized as soon as possible.
