GRE is point-to-point  and can emulate an Ethernet segment, but really only one link.
By one link you mean GRE can be one tunnel? (maybe link is the right term). I think you mean I can't have multiple GRE connections running at the same time. If so that will be limiting to me because I want to make four tunnel and bond them too.
VXLAN is fully multipoint and can fully emulate an Ethernet segment, not just one link of it.
Sounds like VxLAN does what I need vs IPIP because IPIP can't emulate ethernet you said - correct?
You didn’t include it, but pseudowires and VPLS are really just the GRE and VXLAN of the MPLS universe. Pseudowires are simple and work okay for building point-to-point non-IP connectivity that can emulate an Ethernet link over the MPLS core. VPLS is fully multipoint but is more complicated as a result.
VPLS I was told I need MPLS running which I can't do with this network.
Well okay Cisco supports multipoint GRE but it’s not really a change to the protocol that’s mostly a control-plane hack to make it easier to administer hundreds or thousands of GRE tunnels.
Interesting. So Cisco can do multiple GREs but Mikrotik can only do one tunnel. What is a "control-plane" hack?
Despite the number of choices you have … make absolutely sure you really need to be emulating Ethernet at all. Very few things really require it. Ethernet has been asked to accomplish terrible things beyond the wildest imagination of its original design requirements and the greatest gift you can give yourself is to not have to do any of this at all
I don't think I have many choices. Please see below requirements and let me know what options I have:
My network diagram:
Branch A Los Angles client router
=> ISP-X point to point fiber 100Mbps/100Mbps => Chicago datacenter => third party ISP-Y rents me space in data center and ip transit (my Mikrotik-A is here) => ip transit => 4x Cable coax ISP 360Mbps/30Mbps each => Toronto (my Mikrotik-B is here) => Branch B client router
*Client expects Branch A to be connected to Branch B using layer-2 or have that experience. Doesn't matter how it is delivered.
- We need to span the point to point connection over ip transit from Chicago to Toronto. The fiber doesn't extend all the way.
- This is a Layer-2 fiber from Los Angles to Chicago and we want Branch B in Toronto to receive it in Layer-2 as well. Just as if Branch A and Branch B were connected to same dumb switch.
- We don't know what traffic goes on this point to point connection. It is bridge and layer-2. Once it is connected point to point they will use as however they want. Maybe they have an MPLS on it or use other ethernet features. I have this working EoIP but want it to be faster now.
- With current EoIP tunnel I am using one Coax cable internet connection which is 100Mbps/20Mbps. I will be installing 3 new Coax cable internet and will have 4 internet connections in Branch B each with speeds of 360Mbps/30Mbps. I want to bond them together so I get at least 100Mbps upload.
- Download and upload should be limited to 100Mbps on this link so the protocol should support to limit the speed or maybe I can set the physical LAN interface to 100Mbps that goes to Branch B router equipment.
- Have the least overhead.
- Be the fastest.
- No need for encryption at all.
So I need a protocol that has the LEAST overhead, be the fastest (no need for encryption), be able to bond (to create total of 100Mbps upload and download / no more, no less), and be emulate ethernet point to point over layer-3 (from Chicago to Toronto).
P.S. Should I bond the 4 WAN Coax Cable internet connections together or bond the tunnels together (be it EoIP, VxLAN, or any other)?