The decentralized finance (DeFi) sector is experiencing a renaissance, particularly on Ethereum's Layer 2 (L2) networks. The total DeFi market cap has surged by 16% in a single day and 125% over the past four weeks. This growth is attributed to applications with product-market fit, generating real revenues, and featuring strong tokenomics with buybacks from profits. These applications are also noted for their battle-tested nature, making them suitable for institutional use. Ethereum L2s are currently at the forefront of this resurgence, with 97% of all Ethereum transactions occurring on these networks. However, concerns about centralization within the L2 ecosystem have been raised, with calls for more decentralized sequencers to maintain the integrity of the system.