L2 Competition Will Ultimately Return to the "Liquidity Battle"

Technology is just the entry ticket; liquidity is the real game-changer. Currently, multiple L2s are vying for market share, essentially competing for user assets and protocol deployment.
Why do many L2s have incentive programs? Because early-stage ecosystems need to kickstart with subsidies to attract liquidity. The question is: after the subsidies fade, who will retain genuine users?
The future winning L2s often possess three key traits:
1️⃣ Deep integration with mainstream protocols
2️⃣ Low cross-chain asset transfer costs
3️⃣ Seamless user migration
Cross-chain bridges and interoperability will become critical infrastructure. Users won't care which L2 they are on; they only care about cost and experience. Those who achieve "seamless cross-chain" will be more likely to generate network effects.
Additionally, liquidity fragmentation is a current pain point. Multiple L2s dispersing funds lead to insufficient depth. In the future, there may be a "liquidity hub-type L2" that serves as an asset aggregation role.
The conclusion is quite pragmatic:
The L2 race may seem to focus on technology, but in reality, it’s a contest of capital and ecosystems. #以太坊L2如何发展？