OP down ~97% from ATH.

At the top, L2s were priced as a % of ETH market cap – narrative > fundamentals.

Now that premium is gone:

– Value accrual on L2 tokens is still weak
– Users ≠ token holders
– Base leaving OP stack didn’t help the story

Market is repricing L2s from ETH beta to actual cash flows.

Until tokens capture real value, rallies = sell liquidity.
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