The problem of “dead blockchains”

Many networks that were supposed to become Ethereum killers raised around $2.6B in funding, yet today they generate only about $65,000 in weekly fees. Economic activity on them is practically nonexistent.
Why does this happen? Because “super-fast and brand-new” blockchains aren’t really needed by most users. Their apparent goal is simply to launch a native token on exchanges and sell it at a higher price — after which it drops 99% 😂
The launch of Coinbase’s Base L2 makes sense — they already have a user base and access to the U.S. market. Why pay others when you can run your own chain? The rest of the “optimized Ethereum copies” don’t seem to have much of a future. Even Ethereum L2s may eventually disappear, as Vitalik has openly suggested.