Liquidity Fragmentation: Why More Layer 2s Mean Less Real Scale
If you look at the last quarter of on-chain activity, one pattern is unusually loud. The number of active rollups, bridges, and chainlets keeps rising, but aggregate liquid depth is not rising with it. The headline growth feels real. The underlying liquidity does not. I have audited enough protocol launches to know the difference between expansion and dispersion. This is not scale. This is the same capital being cut into thinner slices.
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