Not all Ethereum layer 2s are dying, but many general-purpose chains no longer have a reason to exist

In this week's edition of The Protocol Newsletter, we're looking at the state of the Ethereum layer-2 ecosystem....
Coins in this story
Explore how RWA is shaping crypto markets — aggregated stories, leading coins, and weekly momentum.
Explore narrativeRelated stories

Morpho's $175M raise shows where crypto VC money is flowing
Morpho’s recent $175 million raise reflects growing investor bets on onchain credit infrastructure as stablecoin adoption expands....

The future of vaults: neobanks and invisible DeFi
The following is a guest post and opinion from Vincent Maliepaard, VP of Marketing at Sentora. On January 26, 2026, Kraken launched DeFi Earn. The announcement was straightforward: users could deposit stablecoins and receive up to 8% APY, directly within the exchange interface they already used for trading. No seed phrases. No gas management. No […] The post...

Here's what SpaceX's IPO means for its $1.3 billion bitcoin reserve
The largest company on public markets now holds bitcoin as a treasury reserve, not as a business model. Its first earnings cycles will test which version of corporate crypto survives a bear market....