Ок, візьму Arbitrum ($ARB ) — тут зараз добре працює тема “L2 saturation + value capture”.
Arbitrum became one of the strongest L2 ecosystems in crypto.
But the token still behaves like it’s waiting for a second narrative.
That’s the tension.
Billions in TVL moved through the ecosystem.
A full DeFi stack was built on top of it.
Activity is real.
Usage is real.
But the question the market keeps circling back to is simple:
What exactly is ARB capturing?
Because infrastructure can grow without the token moving.
And that creates a strange disconnect:
The ecosystem expands…
while the asset struggles to define its role inside that growth.
This is where L2s enter their second phase.
Not adoption.
Not scaling.
But value alignment.
And not every protocol survives that shift in narrative.
$ARB
Arbitrum became one of the strongest L2 ecosystems in crypto.
But the token still behaves like it’s waiting for a second narrative.
That’s the tension.
Billions in TVL moved through the ecosystem.
A full DeFi stack was built on top of it.
Activity is real.
Usage is real.
But the question the market keeps circling back to is simple:
What exactly is ARB capturing?
Because infrastructure can grow without the token moving.
And that creates a strange disconnect:
The ecosystem expands…
while the asset struggles to define its role inside that growth.
This is where L2s enter their second phase.
Not adoption.
Not scaling.
But value alignment.
And not every protocol survives that shift in narrative.
$ARB