MAKE L2 TOKENS GREAT AGAIN!L2 tokens are non-investible: low fee generation, no fee sharing, and governance is overvalued.Layer 2s should acquire as much $ETH as possible.It's the true Ethereum x L2 alignment:- L2 tokens act like speculative assets akin to TradFi Crypto Treasury Company stocks- They manage $ETH treasury, making governance meaningful- L2 tokens trade with $ETH price, aligning incentives but can trade at ETH reserve's premium.Current Layer 2 reserves are abysmal: Arbitrum holds just $80M, and ...

RT 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 205.7xStarknet - 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 ...

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 ...