every time i tweet about ethbtc underperformance i get infinite talking heads mad at me on here but im p confident its more reflective of the overarching trend in crypto of issues w/ value capture for infra tokenscan write as many thinkpieces as we want about why coins should be worth $100T+ but the market is no longer projecting aggressive growth in a new asset class without justification, peak market caps from 2020-21 cycle were anomalous, reason many infra tokens have performed so poorly is bc they are b ...

The landscape of infra tokens, both L1 and L2, are largely uncreative and are massively mispriced if the value they capture is solely the thing being driven to zero (tx fees)Ignas | DeFi (@DefiIgnas):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 205.7x https://t.co/eTQ8WMy6md ...