X @Ignas | DeFi
Ignas | DeFi·2025-06-26 12:43
What's the upside for L2 tokens?Fee sharing?Even if they turned on fee sharing, it's not much:Arbitrum made $19.5m in fees in a year. Optimism $18.3m.zkSync just $1.3m and Starknet $600k.This Price(FDV)-to-Fees ratio puts Arbitrum at 137.8x, and Optimism at 205.7xStarknet - 4204xIn context, TSLA trades at 187x P/E ratio so Arbitrum might even look cheap.But Tesla is an exception. S&P500 trades at ~ 29x the earnings.This makes L2 tokens overvalued by a lot. Unless we expect their adoption and fees to pick up ...