2026-01-15 09:36:04

A certain L2 network recently received a transfer of $700 million in transaction volume from a previous chain during its launch, along with the migration of 20 institutional traders. The background of this asset handover is quite interesting — the original chain disabled withdrawal functions on November 17, forcing users and traders to switch to the new platform. The new chain claims to provide infrastructure support for 100K TPS, which is also a significant figure in the L2 space.

According to the latest data, this project is currently valued at $200 million (based on an August funding round), and it has not issued any tokens yet. Interestingly, the comparable project Monad was valued at $2.5 billion at launch. This valuation gap actually reflects the market's different pricing of various technical solutions and team backgrounds. Competition between L2 and high-performance chains is becoming increasingly intense; the ultimate key to success lies in real transaction volume and user experience.

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SwapWhisperer

· 5h ago

$700 million in traffic shifted overnight, this deal has a bit of a coercive feel to it 100K TPS sounds great, but whether it can hold up when actually running is another matter Valuation difference of 25 times? Monad's market sentiment was different back then, who still believes that now Projects without tokens, don't rush to hype them up; wait until there's real trading volume High TPS isn't important; what's key is whether people are actually using it... Traffic driven by forced withdrawals can only be considered successful if it can be retained A valuation of 200 million versus 2.5 billion, the gap is truly heartbreaking Everyone says they want to land, but in the end, it's still about competing in fundraising amounts, right here

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SelfMadeRuggee

· 5h ago

$700 million in traffic is being forced to shift, in other words, being pushed onto the shelves like ducks. --- 100K TPS sounds great, but few can actually run stably. --- A $200 million valuation compared to Monad's $2.5 billion, the gap is indeed huge... The problem is that technology can be hyped, but implementation is the real key. --- No token issuance with a $200 million valuation? I feel a bit skeptical. --- The migration of 20 institutions doesn't mean much; what's more important is whether the subsequent trading volume can stay steady. --- Users forced to withdraw because the original chain shut down the withdrawal function—this start is indeed a bit awkward. --- Such a big valuation gap, either the project team isn't hardcore enough, or the market hasn't reacted yet. --- No matter how high the TPS hype is, it’s useless; the key question is whether there are real applications in the ecosystem. --- Raising funds without a token, I get it—either they are very confident, or they can't raise money otherwise. --- It feels like big institutions are betting that this new L2 will succeed, and small retail investors are just following the gamble.

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CountdownToBroke

· 5h ago

$700 million traffic migrated overnight, is this crazy or what? --- 100K TPS sounds impressive, but can it really be sustained? That's the question. --- Forced to switch to a new platform haha, this is what you call "destined by choice." --- Monad's valuation jumps to 2.5 billion, while this side is only 200 million. What a huge gap. --- How can projects without tokens attract people? Waiting to issue tokens? --- TPS numbers look good, but transaction experience is the real king. --- 20 institutions have moved over, what does that mean? Quite interesting. --- This valuation difference is just a matter of faith price gap. --- Disabling withdrawal functions, pushing users away, that's ruthless. --- The real test is still ahead, don't just look at the data.

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FrontRunFighter

· 6h ago

nah wait... "forced migration" is just a nice way of saying they got exit-scammed into compliance lol. closing withdrawals then suddenly launching a new chain? that's dark forest tactics dressed up as innovation. and yeah 100k TPS looks impressive until you realize where the real MEV extraction happens—it's always in the shadows

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TerraNeverForget

· 6h ago

$700 million in traffic sounds impressive, but in reality, it's just been forced to relocate. This collaboration method is a bit suffocating. 100K TPS sounds powerful, but how much can actually be achieved depends on the implementation. A 25x valuation difference—Monad's early funding was like being the chosen one, while we seem a bit modest. No token issuance—are they trying to leave a suspense, or haven't they decided on the distribution yet? Wait, institutions are coming too? That definitely means there's something there. Don't just look at the valuation number.

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ApeEscapeArtist

· 6h ago

100K TPS sounds impressive, but I don't know how much can actually be achieved in practice. When will Monad's 2.5 billion valuation be proven wrong? Can the 700 million in transaction volume from forced relocations be maintained? That's the real core. Issuing tokens first and then bragging—how are people still falling for this routine? The real test has just begun.

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