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Competition in the Alt L1 space is heating up, with Near introducing a DA solution and Sui's TVL steadily rising. While Ethereum takes its time with mainnet upgrades, L2 introduces two major competitive points: parallel EVM and decentralized sequencers.

The AAVE team is known for its vital innovation and execution, making it a dark horse that has quickly grown to become a famous DeFi protocol alongside MakerDAO and Compound, expanding into a broader market and maintaining a stable lending service even during a market downturn. AAVE is planning to launch a native stablecoin, GHO, on a protocol with high liquidity to create a more decentralized on-chain financial ecosystem.

In the article, Vitalik outlines several key reasons why it is important to start explicitly considering L1 + cross-L2 support, wallet security, and privacy as essential foundational features of the ecosystem stack, rather than building these things as plugins that can be individually designed by each wallet.