随着复苏的开始，L2 代币结束了数月的横盘交易

L2币和代币的总市值呈上升趋势。经过几个月的停滞交易后，L2 代币正在恢复价值。

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

经过几个月的低迷交易后，L2 代币终于开始显示出复苏的迹象。

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 月份触及低点以来​​，一些代币出现了显着增长。 L2 链对于以太坊生态系统和 DeFi 活动仍然至关重要，但它们被最近围绕 meme 代币的炒作所掩盖。

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，尽管交易者的兴趣发生了变化，L2 项目仍在悄悄扩展其基础设施，使它们成为加密货币领域的一个关键话题。与往常一样，Arbitrum 和 Optimism 引领市值复苏。

L2 tokens conclude months of sideways trading

L2 代币结束了数月的横盘交易

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

L2 代币也即将完成其漫长的解锁期，这导致解锁或空投带来的抛售压力减弱。

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

市值还反映了使用情况和效用，资金和流动性集中在顶级 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.

总体而言，属于 L2 网络的代币恢复并达到 170 亿美元的总市值。这个价值仍然只是 meme 代币估值的一小部分，meme 代币的估值最高时为 1200 亿美元。然而，L2 项目具有更长的寿命和创新潜力。

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.

就报告的交易和效率而言，Base 仍然是最大的赢家。然而，该协议是无代币的，不会对价格增长的叙述做出贡献。

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

Base 的桥接价值也只有 22.7 亿美元，而 Arbitrum 的桥接价值为 84.8 亿美元，Optimism 的桥接价值为 48 亿美元。

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 代币的目标是弥补今年迄今平均下跌 13% 的损失。然而，随着顶级 L2 代币在上个季度增长了近 50%，损失有所缩小。 L2 并不是 11 月份的主要话题，但它正在回归并重新引起人们的兴趣。

L2 chains compete for Ethereum data, blobs

L2 链争夺以太坊数据、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 链因争夺以太坊空间而获得了更多关注。在过去的一个月里，大多数 L2 开始向以太坊支付不可忽略的租金，以使用 blob 或 calldata 来保护自己的交易记录。 L2 可以处理极快的交易，但它们仍然需要访问以太坊区块以实现最终确定性和额外的安全性。这种需求创造了竞争激烈的 blob 或 calldata 市场。

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.

由于竞争加剧，blob 成为以太坊上第三大费用消耗者。 Blob 的支付甚至超过了 Tether 智能合约，并且更接近网络上所有 ETH 传输的费用。

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.

过去一周，Blob 费用持续上涨，凸显了 Blob 空间的竞争正在兴起。随着更多费用被烧毁，L2 使用量的增加也帮助以太坊通胀率降至 0.32%。因此，以太坊网络每年将净产生 50 万个新代币，而不是由于有限销毁而产生超过 90 万个代币。

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 链还可以根据当前的相对成本在 blob 和 calldata 之间进行选择。对于以太坊专家来说，blob 是 L2 链的首选解决方案。使用 calldata 会排挤直接 L1 交易的普通用户，并使以太坊对于日常任务来说过于昂贵。

L2 remain largely profitable

L2 仍基本盈利

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 代币因链托管超级应用程序并保留部分收入的能力而受到关注。即使在向以太坊支付租金后，大多数 L2 仍具有强劲的利润率。

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 保留大部分费用和应用收入。除 Polygon 和 Taiko 外，大多数领先的 L2 连锁店都实现盈利。这些连锁店已经实现了从 blob 到 calldata 的自动化转变，在费用​​条件不利的情况下制定最佳的发布时间表。

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.

在代币化协议中，Arbitrum 处于领先地位，每日费用为 95.32 万美元。 Base 是所有协议的领先者，产生了 486.18 万美元的费用。

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.

尽管收费表现良好，但 L2 距离顶级收费应用程序和连锁店还很远。 L2 落后于 L1 链，尤其是 Solana 及其生态系统。就费用产生而言，多个链和应用程序超过了 L2 网络。然而，费用表是 L2 链的生存能力及其保留尽可能低的 Gas 费用的能力的标志。

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.

尽管使用以太坊很经济，但 L2 在扩展和降低 DEX 交易和 DeFi 的交易成本方面取得了成功。 L2 代币也可能受益于 ETH 的增长，ETH 恢复至 3,300 美元以上，并引发了重返新高的预期。