At this point it's clear ETH is the foundation of the on-chain economy, where Blackrock, the Trump family, the broader US administration, Deutsche Bank, etc. have committed to.
@donnoh_eth has made the case that the reason to launch a corporate chain instead of L2 was to not alienate other ecosystems. I think that makes the most sense.
Personally, I think it's a temporary solution and within the next few years they will migrate to an ETH L2 like Celo, etc. Other ecosystems will be more aligned with ETH L1.
The superpower of L2s is network effects.
Anyone building their own L1 has the ambition to compete with Ethereum as a network of networks.
But in the end, there can be only one network of networks.
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