最新报道：According to CoinWorld, many fintech companies, such as Tether, Stripe, and most recently, Circle, have launched their own Layer-1 (L1) blockchains. Amid this wave, a question arises: Why are these companies launching their own L1s instead of opting for Layer-2 (L2) solutions? Have L2 blockchains become irrelevant? L1 Adoption Trends Recently, Circle, the issuer of the USDC stablecoin, unexpectedly announced Arc, an open-source L1 blockchain. This follows the launch of both Tether and Stripe's own L1s. This move has prompted analysts to question the infrastructure development strategies of traditional financial institutions entering the cryptocurrency space. Despite the advantages of L2 networks and their inherited security from Ethereum's L1, some companies are still choosing to build their own L1s. Are they seeking to maximize control over their infrastructure while optimizing integration with existing ecosystems? Analyst Matterkel believes it's "useless" for stablecoin issuers to develop their own blockchains, arguing that optimal stablecoin interoperability today can only be achieved on Ethereum's L2. Some believe the market doesn't need an "L1 for stablecoins." In response to this view, another user claimed that companies can do whatever they want with their own funds. Others argue that these companies need their own chains to gain control, increase speed, reduce costs, and minimize downtime. Is L2 at an impasse? In fact, the unique security features of the rollup model are less valuable when the primary asset is a stablecoin or real-world asset (RWA), as these assets are inherently centralized. In other words, when the underlying asset is already under centralized control, the decentralized advantages of L2 lose their decisive advantage, gradually undermining the "L2 thesis." Given the current situation, some analysts believe that Ethereum L2 faces a strategic impasse. Some even argue that L2 is "dead" from a technical perspective. Diving deeper, the actions of Circle and other organizations reveal a trend: large companies are moving away from relying on Ethereum and L2 and seeking to own their own infrastructure to gain greater control over technology, business strategy, and regulatory compliance. This could begin a shift in priorities from "maximum decentralization" to "efficiency and control." The future of Ethereum L2 now depends on proving its unique competitive advantages.