In recent days, several noteworthy events have occurred in the crypto ecosystem:

- Two L2s (Blast and Abstract), which had rapidly risen in the NFT space, announced their shutdown;

- A joint venture between OKX and the parent company of the New York Stock Exchange announced that it has submitted an application to the U.S. Securities and Exchange Commission to launch a tokenized U.S. stock trading platform on OKX's L2.

Blast is an Ethereum layer two expansion launched by the team behind the Blur platform, which overtook OpenSea through "trade mining."

After pushing NFT trading volume leader OpenSea aside with traffic, attention, and trading volume, the team soon introduced the Blast layer two expansion and fully utilized the token issuance expectations and mining mechanisms to attract users and various applications to bring funds into Blast.

Abstract also has an extraordinary background.

The team behind it revived the NFT project Pudgy Penguins, expanding a purely on-chain NFT project to off-chain and developing it into the only project in the NFT ecosystem that combines on-chain and off-chain business models. On this basis, the team also conducted a token airdrop that further boosted the on-chain ecosystem and attention of NFTs, taking the opportunity to launch the layer two expansion ecosystem Abstract.

In comparison between these two layer two expansions, although Blast's goals and development ideas are not as clear and direct as Abstract's (the latter directly positions itself in the gaming ecosystem), both have sufficient popularity and attention at launch, rivaling many existing layer two expansions at that time.

However, in the end, both layer two expansions have been shut down, primarily because they did not develop a sustainable profitable business model and applications.

Layer two expansions can provide sufficient technological conditions and infrastructure for their ideals and objectives (especially today, as the Ethereum mainnet is continuously improving performance and security), but relying solely on technology cannot bring them sustained cash flow and vitality.

This is not only the fatal reason for Blast and Abstract but also the ultimate challenge that all L2s must face.

As these initially explosive old layer two expansions decline, X Layer, which had previously been obscure for a considerable period, now seems to have found a new approach.

The joint venture established by OKX and the parent company of the New York Stock Exchange has applied to the SEC for a tokenized stock trading platform, preparing to venture into the on-chain stock trading scene.

I shared my latest views on tokenized stock trading in previous articles:

First, if this trading scene can completely replace (or replace a significant portion of the existing centralized stock trading market), then this track has great imagination simply based on the on-chain trading aspect.

Second, this track will definitely attract many players to enter, as the giants will not sit idly by.

The actions of OKX and the parent company of the New York Stock Exchange confirm the second point in the above view.

However, whether the first point in the above view can occur still requires a period of observation—especially the dynamics of the Robinhood chain are worth close attention.

According to data from defillama (https://defillama.com/chain/robinhood-chain), the recently popular Robinhood chain attracted many users with meme coins and stock token trading pairs and reached a peak trading volume of $3.5 billion on September 4. But a month later, its trading volume is only around $1 billion, less than one-third of its peak.

The reason for such a significant decline in trading volume, I suspect, is primarily due to the retreat of meme coin trading sentiment.

If this estimate is valid, it at least proves that in the current trading scene of stock tokens, sentiment is still playing a major role.

But sentiment is not a long-term sustainable necessity.

So what is the necessity in stock token trading, or what demand can allow this business model to continue developing will be the challenges faced by Robinhood chain, X Layer, and all teams that have entered or plan to enter, as well as the test that this business scenario itself faces.

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