Good question.
My take on this is centered around the core idea of a blockchain being purpose-built vs. "general purpose" in nature.
With Plasma as an example, the chain has:
- gas-free usdt transfers
- specific consensus mechanism for anti-spam
- uses bitcoin for security rather than ethereum
These are small things from the outside, but when you get lower level in the stack you realize they are mega differentiators.
Tempo has opt-in privacy, stablecoin gas fees, a better UX meant for payments.
These things matter.
This doesn't change the fact that these could both theoretically be L2s on Ethereum, but why would you do that to yourself if the market is rewarding L1s with higher valuations?
Long live customization and specialization.
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