Ethereum L1+L2 Model Gains Traction Among Real-World Companies

The crypto industry is shifting from a token-centric economy to one that focuses on real-world businesses serving customers. Companies like Robinhood are embracing the Ethereum L1+L2 model, which provides infrastructure for building cash-flow businesses. This change in focus is driven by the increasing demand for stablecoins and on-chain transactions, as well as regulatory developments such as the GENIUS Act and Europe's MiCA framework.

Traditional crypto projects often prioritized token sales over developing real-world products. However, emerging companies are choosing infrastructure that maximizes business value, rather than token value. This shift is evident in the use of shared infrastructure like Ethereum L1+L2, which enables companies to specialize at the application or L2 level while relying on the base layer for settlement and security.

As the industry transitions towards a cash-flow economy, companies will increasingly focus on developing products that serve real users, rather than solely focusing on token sales. This change is expected to bring more concentration at the base layer and diversity at the edges, leading to a balance between innovation and practicality.