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14 pieces · May 2022 to Dec 2025 · 2 flagship

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L1/L212 Ethereum7 ZK3 Tooling2 AI1 DeFi1

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Start here · the strongest pieces on L2BEAT

Breakdown15 Jan 2024Manta Pacific launch guide: architecture, metrics, ecosystem and tokenomicsMega-thread before the MANTA token launch: OP stack plus Celestia architecture with a DA cost cut above 99%, $946M total value bridged, $407M DeFi TVL, leading apps, a Polygon CDK zkEVM roadmap and 1B supply tokenomics.Thesis24 May 2024Covalent and long-term data availability: the Ethereum Wayback MachineExplains the modular stack and why EIP-4844 blobs, pruned after 18 days, leave a long-term data availability gap that Covalent's Ethereum Wayback Machine fills with Block Specimens. Argues Covalent at a $0.2B FDV is undervalued relative to short-term DA peers worth billions.Data08 Apr 2023Polygon zkEVM two weeks after launch: users, TPS and TVLAdoption stats for Polygon zkEVM roughly two weeks after mainnet: active addresses, transactions, TPS and TVL by dApp. Concludes it trails zkSync on metrics without an airdrop, but has strong tech, funding and ecosystem.

Timeline · every piece, newest first

2025 1

27 Dec 2025Ethereum L2 value secured is concentrated in Arbitrum and BaseL2BEAT TVS data shows the top two L2s hold most value secured, with TVS composition differing by canonical, native and external bridged assets. Concentration proxies where composability and large-user comfort sit.DataL1/L2Ethereum

2024 3

19 Aug 2024Chain abstraction market map: >100 projects and Particle's three componentsComments on The Rollup's chain abstraction map and notes over 100 teams build towards it. Explains Particle's universal accounts, liquidity and gas as an account-based fix for multichain UX friction.MapTooling

24 May 2024Covalent and long-term data availability: the Ethereum Wayback MachineExplains the modular stack and why EIP-4844 blobs, pruned after 18 days, leave a long-term data availability gap that Covalent's Ethereum Wayback Machine fills with Block Specimens. Argues Covalent at a $0.2B FDV is undervalued relative to short-term DA peers worth billions.ThesisL1/L2AI

15 Jan 2024Manta Pacific launch guide: architecture, metrics, ecosystem and tokenomicsMega-thread before the MANTA token launch: OP stack plus Celestia architecture with a DA cost cut above 99%, $946M total value bridged, $407M DeFi TVL, leading apps, a Polygon CDK zkEVM roadmap and 1B supply tokenomics.BreakdownL1/L2ZKDeFi

2023 6

14 Dec 2023Arbitrum Orbit as a candidate for Celo's L2: fit against requirementsEvaluates Arbitrum Orbit for Celo's L2 move: decentralized sequencing, EigenDA and Celestia options, 1-block finality, trustless bridging, live permissioned fraud proofs (Stage 1), BOLD and Stylus.BreakdownL1/L2Ethereum

23 Nov 2023Proof of Alpha #20: Blast critique, hybrid zk fraud proofs and CZ plea dealNewsletter edition. Calls Blast a multisig-controlled deposit contract with no real L2 bridge and almost USD 200m in it, argues for hybrid zk fraud proofs as a cheaper stopgap before full validity rollups, and recaps the Binance settlement with $1.3B withdrawn.OtherL1/L2ZKRegulation

14 Oct 2023L2Beat rollup stages explained: Stage 0, 1 and 2 criteria and who qualifiesGuide to L2Beat's three-stage rollup framework (training wheels) with criteria per stage, and which rollups sit where. Most are Stage 0, Arbitrum and dYdX are Stage 1, and only Fuel v1 and DeGate reach Stage 2.ExplainerL1/L2Ethereum

18 Aug 2023Is Metis still an L2 play for the next cycle?Argues Metis has strong tech innovation and low valuation, but off-chain data via Memolabs, an unfinished fraud-proof system, no escape hatch and a stagnating DeFi ecosystem leave it behind other L2s. Concludes it is not currently a top L2 pick.ThesisL1/L2

23 May 2023Ethereum L2 adoption in May 2023: scaling factor, TPS and TVLL2BEAT-based data thread: L2 scaling factor versus L1, rising L2 activity, and TVL roughly doubling YTD. Optimistic rollups hold most TVL, and zk-rollups are expected to gain share as adoption grows.DataL1/L2Ethereum

08 Apr 2023Polygon zkEVM two weeks after launch: users, TPS and TVLAdoption stats for Polygon zkEVM roughly two weeks after mainnet: active addresses, transactions, TPS and TVL by dApp. Concludes it trails zkSync on metrics without an airdrop, but has strong tech, funding and ecosystem.DataZKL1/L2

2022 4

22 Sep 2022Crypto investor toolkit: 30 free data, analytics and research toolsAnnotated list of free tools for crypto research, grouped by use: price data, TVL, revenue and emissions, DAO treasuries, derivatives data, on-chain analytics, social data, DEX charting and ecosystem-specific dashboards.MapTooling

06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.DataEthereumL1/L2

02 Jun 2022Optimism Bedrock upgrade: EVM equivalence, Cannon and cheaper calldataReviews Optimism's EVM equivalence approach and what Bedrock adds: optimal calldata compression, separation of consensus and execution clients, EIP-4844 readiness, SnapSync and the Cannon fault proof system.BreakdownEthereumL1/L2

12 May 2022Metis bull case: sequencer rotation, native DA and low feesArgues for Metis as an optimistic rollup with rotating sequencers, EVM equivalence, a native storage and data availability layer, and the lowest tx cost among Ethereum L2s. Cites its rank as 5th largest L2 by TVL.ThesisL1/L2Ethereum

Often covered with

Arbitrum65 Optimism61 Celestia145 Metis14 Base28 EigenDA60 Fuel26 zkSync41

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