Nowadays, there are more and more L1s—stablecoin L1s, AI-related L1s... It makes sense because L1s have high valuations and premiums. Even building nodes from scratch and paying high security costs is worth it. This situation could evolve in two directions: 1. More and more L1s emerge, leading to fierce competition among them. This fragmentation might not be great for Ethereum in the short term. However, in the long term, these conflicts could disrupt user experience, creating a demand for integration, which isn’t entirely bad for Ethereum. Even if people need a USDC chain and a USDT chain, they’ll still want a more neutral chain. 2. After the early incentives for new L1s fade, they fail to establish a positive flywheel effect. The high security costs become a burden, and eventually, they gradually shift toward L2s with lower overhead.