Analyst grows more bullish on ETH as weaker layer-2 projects shut down

Crypto analyst Ted Pillows said he has become more bullish on ETH as some Ethereum layer-2 projects announce shutdowns. In a post on X, he said useless L2s are being weeded out, pointing to projects such as Abstract and Blast ending operations. Ted Pillows argued the lesson is simple: developers should build directly on the Ethereum mainnet and stop creating unnecessary chains aimed at extracting profits from participants in their own ecosystems. Abstract had previously said it would halt operations on Dec. 15, citing stalled growth and low liquidity. Blast has also said it would shut down chain operations as maintenance costs far exceeded revenue.