I wrote a very similar research piece about 6 month ago. What I have seen since then is Arbitrum loosing market share (mostly to OP) but still remains the L2 with the most traction in terms of TX & TVL. I totally agree on your thesis that power laws prevail on L2s as much as on L1 (BTC+ETH make about 70% of total crypto market cap). On the L2s ARB+OP even make 80% of total market cap, which makes me wonder why we didn’t see a lot of price action on ARB/OP in the last 6 months. Is it because the value does not accrue to the tokens or what’s your view @Michael Nadeau?
I wrote a very similar research piece about 6 month ago. What I have seen since then is Arbitrum loosing market share (mostly to OP) but still remains the L2 with the most traction in terms of TX & TVL. I totally agree on your thesis that power laws prevail on L2s as much as on L1 (BTC+ETH make about 70% of total crypto market cap). On the L2s ARB+OP even make 80% of total market cap, which makes me wonder why we didn’t see a lot of price action on ARB/OP in the last 6 months. Is it because the value does not accrue to the tokens or what’s your view @Michael Nadeau?
Brilliant and timely. Thank you