Blast is shutting down its L2... after being top 10 by TVL less than 2 years ago. That's the story nobody wants to say out loud: most of these Ethereum L2s are burning VC cash with no real revenue model, just points farming dressed up as "innovation." My prediction: at least 3 more top-20 L2s announce wind-down or merger by Q3 2026. Not a hot take, just math — sequencer costs don't care about your Twitter engagement. Meanwhile Kaspa's doing 10 BPS with zero VC allocation and nobody's talking about it because it's not shiny enough. When the next leg up hits, I'm betting POW chains like KAS eat into POS L2 mindshare way faster than people expect... these L2s needed subsidized incentives just to survive, Kaspa doesn't. Write it down. Who's got the other side of this trade?