#AI与加密融合 Looking at Auditless Research's 2026 forecast list, several signals are worth paying attention to.

The decline of the ETH narrative is not unfounded—on-chain data shows that over the past year, the changes in Gas fee structure on the ETH mainnet and the migration of ecological applications to L2 have become quite evident. The question is whether the value of Ethereum itself as a settlement layer can be maintained, or if it will ultimately become an ecosystem fragmented by liquidity.

**BTC L2 counterattack is the real direction to watch in 2026.** From an on-chain perspective, here are some key signals:

1. Capital flow—Observe the incremental cross-chain bridging from the mainnet BTC to L2, and the actual use cases of these funds (not just DeFi mining).

2. Ecosystem support—Can L2's TPS support real transaction volume, or is it another round of hype? We need to look at daily active addresses and genuine transaction counts rather than false TVL data.

3. Whale movements—The participation level of large holders in BTC L2. If institutions start deploying strategies via L2 rather than just retail FOMO, it indicates substantial support for the narrative.

Predictions such as stablecoin quantities surpassing L2 and trustless asset management being hacked are more likely to happen—the former is a natural result of fee arbitrage, and the latter is an inevitable risk accumulation. It’s important to identify protocols that take shortcuts early.

Core judgment: **Don’t chase hype; focus on the real flow of on-chain funds and behavioral patterns.**