The Milk Road Show

Why Most Ethereum Layer 2s Are About to Disappear w/ Eliezer Ndinga

8 snips
Jan 9, 2026
Guest
Eliezer Ndinga
Join Eliezer Ndinga, Global Head of Research at 21Shares, as he delves into the future of Ethereum's Layer 2 landscape. He predicts a wave of consolidation driven by competition and infrastructure maturity. Eliezer discusses which Layer 2 solutions may thrive—particularly those with strong exchange backing. He also shares insights on the upcoming shift toward regulated ICOs and stablecoins, while contrasting the safety of ETFs against digital asset treasuries. Plus, he highlights how geopolitical factors influence Bitcoin's evolving role.
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INSIGHT

Layer 2s Face Brutal Selection

  • Ethereum's future depends on go-to-market, not just infrastructure improvements.
  • Eliezer Ndinga predicts consolidation among Layer 2s as market moves to integration and adoption.
ADVICE

Evaluate Layer 2s By Fundamentals

  • If you invest long-term, focus on fundamentals: user growth, developer growth, and revenue metrics.
  • Check whether an app on a Layer 2 is uniquely tied to that chain before allocating capital.
INSIGHT

Apps Over New Protocols

  • The next big crypto winners will likely be consumer applications, not new base-layer protocols.
  • Eliezer compares 2025–26 to 2003 for the internet: apps on top of existing rails will drive the next wave.
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