In this work we further explore the connection between Ł 1 2 -algebras and ordered fields. We show that any two Ł 1 2 -chains generate the same variety if and only if they are related to ordered fields that have the same universal theory. This will yield that any Ł 1 2 -chain generates the whole variety if and only if it contains a subalgebra isomorphic to the Ł 1 2 -chain of real algebraic numbers, that consequently is the smallest Ł 1 2 -chain generating the whole variety. We also show that any two different subalgebras of the Ł 1 2 -chain over the real algebraic numbers generate different varieties. This will be exploited in order to prove that the lattice of subvarieties of Ł 1 2 -algebras has the cardinality of the continuum. Finally, we will also briefly deal with some model-theoretic properties of Ł 1 2 -chains related to real closed fields, proving quantifier-elimination and related results.