I believe that L2 is a system for the allocation of executive power at the foundational layer, which has more executive authority compared to simple project management. L2 is not a product, but a system; it is essentially a governance mechanism that transfers executive power from L1 to L2. This is more authoritative and structured compared to traditional projects and is no longer solely reliant on market value management or operational boosts. In the future, under a tightening financial environment, the investment boom in public chains will gradually cool down, and there will no longer be so much capital to repeatedly reinvest in Layer 1's consensus narrative, especially with the many ghost chains currently existing in Layer 1.

Future DeFi, RWA, and even AI chain native operating environments will tend to land on L2 structures that can control costs, establish rules, and share security, rather than returning to the chaotic era of public chains. Past public chains resembled integrated empires, where consensus, settlement, execution, governance, and ecology all resided on a single chain. However, L2 decentralizes executive power, allowing for the emergence of countless "special economic zones" under a unified legal framework of security and consensus, where each L2 can have different fee mechanisms, data availability strategies, governance models, and incentive systems.

After advancing stablecoin legislation and establishing a legal reference basis for on-chain US dollar liquidity, the structural advantages of L2 will become increasingly apparent. Future DeFi, RWA, and even AI chain native operating environments will prioritize cost-controllable, rule-establishable, and security-sharing L2 architectures, rather than returning to the chaotic era of Layer 1 with a hundred chains fighting.