隨著復甦的開始，L2 代幣結束了數月的橫盤交易

L2幣和代幣的總市值呈上升趨勢。經過幾個月的停滯交易後，L2 代幣正在恢復價值。

After months of lackluster trading, L2 tokens are finally starting to show signs of recovery.

經過幾個月的低迷交易後，L2 代幣終於開始顯示出復甦的跡象。

Several tokens have seen significant growth since hitting lows in September. L2 chains have remained crucial to the Ethereum ecosystem and DeFi activity, but they were overshadowed by the recent hype around meme tokens.

自 9 月觸及低點以來，一些代幣出現了顯著增長。 L2 鏈對於以太坊生態系統和 DeFi 活動仍然至關重要，但它們被最近圍繞 meme 代幣的炒作所掩蓋。

However, despite the shift in trader interest, L2 projects continued to quietly expand their infrastructure, making them a key narrative in the crypto space. As usual, Arbitrum and Optimism led the recovery in terms of market capitalization.

然而，儘管交易者的興趣發生了變化，L2 項目仍在悄悄擴展其基礎設施，使它們成為加密貨幣領域的關鍵話題。像往常一樣，Arbitrum 和 Optimism 引領市值復甦。

L2 tokens conclude months of sideways trading

L2 代幣結束了數月的橫盤交易

L2 tokens are also completing their lengthy unlocking periods, which resulted in diminished selling pressures from unlocks or airdrops.

L2 代幣也即將完成其漫長的解鎖期，這導致解鎖或空投帶來的拋售壓力減弱。

Market capitalization also reflects usage and utility, with funds and liquidity concentrating into the top L2.

市值也反映了使用情況和效用，資金和流動性集中在頂級 L2 上。

Overall, tokens belonging to L2 networks recovered and reached a combined market capitalization of $17 billion. This value is still a fraction of the valuation of meme tokens, which peaked at $120 billion. However, L2 projects have much greater longevity and potential for innovation.

總體而言，屬於 L2 網路的代幣恢復並達到 170 億美元的總市值。這個價值仍然只是 meme 代幣估值的一小部分，meme 代幣的估值最高時為 1,200 億美元。然而，L2 專案具有更長的壽命和創新潛力。

Base remains the biggest gainer in terms of reported transactions and efficiency. However, the protocol is tokenless and does not contribute to the narrative with price growth.

就報告的交易和效率而言，Base 仍然是最大的贏家。然而，該協議是無代幣的，不會對價格增長的敘述做出貢獻。

Base also has only $2.27 billion in value bridged, compared to Arbitrum with $8.48 billion and Optimism with $4.8 billion.

Base 的橋接價值也只有 22.7 億美元，而 Arbitrum 的橋接價值為 84.8 億美元，Optimism 的橋接價值為 48 億美元。

L2 tokens aim to recoup losses as their tokens slid on average by 13% year-to-date. The loss shrank, however, as top L2 tokens expanded by close to 50% in the past quarter. L2 is not a leading narrative in November, but it is making a return and regaining interest.

L2 代幣的目標是彌補今年迄今平均下跌 13% 的損失。然而，隨著頂級 L2 代幣在上個季度增長了近 50%，損失有所縮小。 L2 並不是 11 月的主要話題，但它正在回歸並重新引起人們的興趣。

L2 chains compete for Ethereum data, blobs

L2 鏈爭奪以太坊資料、blob

L2 chains gained more attention as they competed for space on Ethereum. In the past month, most L2 started paying non-negligible rent to Ethereum, for using either blobs or calldata to secure their own transaction record. L2 can handle extremely fast transactions, but they still require access to an Ethereum block to achieve finality and additional security. This demand created the competitive blob or calldata market.

L2 鏈因爭奪以太坊空間而獲得了更多關注。在過去的一個月裡，大多數 L2 開始向以太坊支付不可忽略的租金，以使用 blob 或 calldata 來保護自己的交易記錄。 L2 可以處理極快的交易，但它們仍然需要存取以太坊區塊以實現最終確定性和額外的安全性。這種需求創造了競爭激烈的 blob 或 calldata 市場。

As a result of increased competition, blobs became the third-largest fee burner on Ethereum. Payments for blobs surpassed even the Tether smart contract, and moved closer to fees for all ETH transfers on the network.

由於競爭加劇，blob 成為以太坊上第三大費用消耗者。 Blob 的支付甚至超過了 Tether 智能合約，並且更接近網路上所有 ETH 傳輸的費用。

Blob fees were constantly positive in the past week, highlighting the emerging competition for blob space. The increased L2 usage also helped slash Ethereum inflation to just 0.32%, as more of the fees get burned. As a result, the Ethereum network will produce a net 500K new tokens per year, instead of more than 900K due to limited burns.

過去一周，Blob 費用持續上漲，凸顯了 Blob 空間的競爭正在興起。隨著更多費用被燒毀，L2 使用量的增加也幫助以太坊通膨率降至 0.32%。因此，以太坊網路每年將淨產生 50 萬個新代幣，而不是因為有限銷毀而產生超過 90 萬個代幣。

L2 chains can also choose between blobs and calldata, based on their relative cost at the moment. For Ethereum experts, blobs are the preferable solution for L2 chains. Using calldata would crowd out regular users of direct L1 transactions, and make Ethereum too expensive for everyday tasks.

L2 鏈還可以根據目前的相對成本在 blob 和 calldata 之間進行選擇。對於以太坊專家來說，blob 是 L2 鏈的首選解決方案。使用 calldata 會排擠直接 L1 交易的普通用戶，並使以太坊對於日常任務來說過於昂貴。

L2 remain largely profitable

L2 仍基本獲利

L2 tokens gain attention for the ability of the chains to host super-apps and retain some of the earnings. Most L2 have robust profit margins, even after paying rent to Ethereum.

L2 代幣因其鏈託管超級應用程式並保留部分收入的能力而受到關注。即使在向以太坊支付租金後，大多數 L2 仍具有強勁的利潤率。

Linea and Base retain the most of their fees and app earnings. Most leading L2 chains are in profit, with the exception of Polygon and Taiko. The chains have automated their shift from blobs to calldata, making the optimal posting schedule if fee conditions are not favorable.

Linea 和 Base 保留大部分費用和應用收入。除 Polygon 和 Taiko 外，大多數領先的 L2 連鎖店都已獲利。這些連鎖店已經實現了從 blob 到 calldata 的自動化轉變，在費用條件不利的情況下制定最佳的發佈時間表。

Among tokenized protocols, Arbitrum is the leader, with $95.32K in daily fees. Base is the leader for all protocols, producing $486.18K in fees.

在代幣化協議中，Arbitrum 處於領先地位，每日費用為 95.32 萬美元。 Base 是所有協議的領先者，產生了 486.18 萬美元的費用。

Despite the positive fee performance, L2 are far from the top fat-fee apps and chains. L2 lag behind L1 chains, especially Solana and its ecosystem. Multiple chains and apps outpace L2 networks in terms of fee production. However, the fee schedule is a marker for the viability of L2 chains and their ability to retain the lowest possible gas fees.

儘管收費表現良好，但 L2 距離頂級收費應用程式和連鎖店還很遠。 L2 落後於 L1 鏈，尤其是 Solana 及其生態系統。就費用產生而言，多個鍊和應用程式超過了 L2 網路。然而，費用表是 L2 鏈的生存能力及其保留盡可能低的 Gas 費用的能力的標誌。

Despite the economics of using Ethereum, L2 are successful in scaling and lowering transaction costs for DEX trading and DeFi. L2 tokens may also benefit from the growth of ETH, which recovered above $3,300 and sparked expectations of returning to new highs.

儘管使用以太坊很經濟，但 L2 在擴展和降低 DEX 交易和 DeFi 的交易成本方面取得了成功。 L2 代幣也可能受益於 ETH 的成長，ETH 恢復至 3,300 美元以上，並引發了重返新高的預期。