[CryptoPunk]

This is a shockingly misleading account of the current distributed asset landscape.

Two trends completely disprove the article's thesis:

First, almost all L2 projects of note are being built on Ethereum.

The use of Ethereum as the common trust root of disparate scalability projects drives the market to standardize around the Ethereum Virtual Machine for smart contract programs, and Ethereum Mainnet for high-value settlement.

Indeed we even see competing L1s create EVM-compatible environments to increase compatibility with the wider digital economy, and applications like MetaMask.

Second, almost all third party crypto-assets, as opposed to tokens that are native to their own blockchain like BTC/BCH/XRP, are now Ethereum-based ERC20 tokens. The standardization of digital assets around Ethereum's token software interface, and the Ethereum blockchain, massively increases the probability that Ethereum will remain the primary settlement network for value exchange in the digital economy.