L2 Tokens Beyond Governance: From Paper Crowns to Minted Gold
CryptoQuibbler surreal empire map with floating golden crowns and glowing geometric symbols atop gold bars, representing the battle for real economic power beyond paper crowns. 🔑 Key Takeaways $ARB and $OP remain “governance-only” tokens, with little link to protocol profits. This disconnect questions whether they can sustain long-term valuations. Base, ironically tokenless, outperforms in profit capture—revealing the paradox. Future token models may pivot to fee burns, staking yields, or direct revenue-sharing. The deeper debate: Who should reap the wealth of Ethereum’s scaling economy—operators, tokenholders, or users? 🗞 Main Story Source: L2BEAT (Aug 2025) • Chart by CryptoQuibbler Ethereum’s Layer 2 tokens were meant to crown decentralization with legitimacy. But instead, they expose a paradox: tokens carry the illusion of power, while real wealth flows elsewhere . Source: Dune Analytics (Base/Arb/OP dashboards) • Chart by CryptoQuibb...