L2S ARE THE NEW OLD L1S

Summary from the TLDR Crypto newsletter

Ethereum has not won the L1 wars - Solana, Avalanche, and Near have innovated to remain competitive. New L2s now resemble past L1s, relying on low fees and airdrop farming for user retention and acquisition instead of proper product-market fit. The unclear value accrual from L2s to ETH and the resurgence of alt-L1s could explain ETH's price stagnation.