Layer 2 Explosion: Arbitrum and Base's daily trading volume far exceeds Ethereum, but the value acquisition of tokens remains a mystery.

The popularity of Layer 2 speaks for itself. The data is clear – the current volume of transactions handled by the Layer 2 network is over 5 times that of the Ethereum Mainnet, with active addresses exceeding 10 million each week.

First, let's look at the performance of the leader Arbitrum. This chain dominates with a 44% market share and a total locked value (TVL) of up to 16.7 billion USD. Base follows closely with a 33% share and a TVL of 12.5 billion USD. The level of popularity can be seen from these numbers.

But there is an interesting contradiction here - with such a high usage rate, why are the tokens still not performing well? It mainly boils down to two points: first, most Layer 2 networks charge ETH fees directly and do not use their own native tokens, so users and ecosystem participants have little incentive to hold them; second, after the airdrop craze subsided, activity began to decline, coupled with inflationary pressure on the tokens, making it difficult for prices to hold up.

Base's recent data is quite good, generating about $185,000 in revenue daily, which is considerable in Layer 2. However, the problem is that the real value has not yet flowed to the token holders—it will have to wait until the Decentralized Sequencer (DSS) officially goes live, after which the income distribution mechanism can be clarified, and the value capture of the tokens can truly take effect.