I agree. The benefits of bitcoin are fundamentally harder to wrap your head around than the dotcom stuff, or even the AI stuff currently grabbing headlines.

Whether or not Layer 2 becomes a genuine hype cycle I think will depend on how much mainstream attention it gets.  Essentially, it boils down to how much investment discipline there is in the capital sources, I think.  Less discipline => a true hype cycle, more discipline => natural growth.

SimpleStacker

econ

The Pleb Economist #5: Shitcoins are part of Bitcoin's Gartner Hype Cycle

My guess is that we will see this cycle play out at least a few more times. Layer 2's are a likely prospect and I suspect nostr will be another. 

We're so early and bitcoin is so revolutionary that popular understanding is way behind.

At least during the dotcom bubble, most people could plausibly understand ideas like "Doorknobs.com shouldn't have a higher market cap than the entire doorknob industry." The fundamentals of bitcoin valuation are so much more alien.