X @Ignas | DeFi

L2 Token Valuation - L2 tokens may be overvalued unless adoption and fees increase significantly [2] - Arbitrum's Price(FDV)-to-Fees ratio is 1378x, Optimism's is 2057x, Starknet's is 4204x [1] - Arbitrum generated $195 million in fees in a year, Optimism $183 million, zkSync $13 million, and Starknet $600 thousand [1] Token Utility and Governance - Projects issue tokens to bootstrap adoption and raise capital [2][5] - Hoarding tokens provides voting power, but projects like @lobbyfinance make bribing relatively inexpensive [2] - One user spent 5 ETH ($10 thousand) on Lobby to acquire 193 million ARB ($65 million) voting power [2] L2 Landscape and Investment Strategy - The goal is to attract sticky liquidity and outcompete other L2s [3] - Liquidity may concentrate in the top 20% of L2s, implying a need to wait for clear winners [3] - New L2 launches with tokens, like $INK, may prolong the emergence of clear winners [3][4] - The L2 sector is described as a "cursed sector to invest" [4]