Note: This is Ethereum related because the L2 in question also settles on Ethereum :).

I‘m honestly pretty disillusioned with L2s, so I don‘t understand the excitement here. Just ship the L2 and that‘s fine 😅

We‘re going to need something better to galvanize a new generation of builders. Something that can go beyond the uses of memecoin trading etc

Also wasn't Rootstock already saying that 6 years ago? And if not them then Stacks - I don't feel L2 on Bitcoin is a really new thing, they just call L2 was technically is a sidechain and that's that.

I haven't seen meaningful adoption of either of the above so I doubt this makes a big difference.

Great points, here's why I'm excited:

1) This knocks Ethereum down a peg on the hardness spectrum. One common thing we hear in Ethereum vs. Solana comparisons is "yes we are slower, more expensive transactions, we don't exactly know our north star, etc. but our rollups are pretty performant and have much better security than Solana which is not even a blockchain".

Sidechains and Stacks don't offer those same security guarantees but a ZKR that settles on Bitcoin is going to be the "hardest" performant form of block space we've seen so far.

For people who really deeply care about the crypto ethos (uncensorability, decentralization) and the Ethereum ethos (composability, permissionless innovation), this is going to hit a sweet spot.

2) I think the ability to interop with Ethereum DeFi is an important bootstrapping factor. Lombard alone is $1.6B in TVL so there is real demand for BTC finance on Ethereum. The fact that this L2 is not just a Bitcoin or Ethereum L2 but both is crucial.

3) Building on the above, Ethereum is struggling on a monetary level. A Bitcoin rollup that can allow its existing Ethereum ecosystem to natively access a more liquid, reserve grade asset will be super interesting.

4) L2 aside, the floor case is that this is the most secure ETH/BTC bridge ever built and fully programmable. Huge for Ethereum. Huge for Bitcoin.