MARKET CONSOLIDATION
Market Consolidation
The L2 Bloodbath: Which Ethereum Rollups Survived the 2025 Liquidity Crunch?
In 2025, the number of Ethereum Layer 2 (L2) networks exploded to over fifty different chains. But when the "October Black Swan" hit and the market turned cold in December, the money didn't just move: it vanished. By early 2026, the market has performed a brutal "culling," leaving only three major giants standing while dozens of others became ghost towns.