@polynya: Why most legacy L1 haven't migrated to L2 despite technical advantages

Polynya argues that most legacy L1 blockchains have not migrated to L2 despite the technical advantages, and offers several possible reasons. Since 2021, nearly all major new chains have launched as L2s, including Unichain, Coinbase, Kraken and Robinhood's chain, with Hyperliquid as the exception. The proposed reasons include application demand growing far below expectations, leaving most L1s with little activity and no need for L2 performance or interoperability, and L2 and blob development slowing since 2022. Polynya also suggests that much of some L1s' token value depends on opposition to Ethereum, and that the industry's shift toward speculation has reduced the weight given to decentralization and security.