- Layer 2s acquire $ETH for their treasury.
- The treasury is owned by L2 token holders, such as $ARB or $OP.
- L2 tokens are sold for $ETH until assets under management align with the L2 token market cap.
- L2 tokens become investible.
Implementing a strategy playbook for L2s is a smart move :)
Problem 1: L2s don't generate enough fees to buy back enough $ETH, but selling L2 tokens works.
Problem 2: Can token holders efficiently manage the $ETH treasury within a DAO model?

L2s should start competing to own ETH
Own the asset you’re building on
Don’t let Wall Street get it all
ETH = world reserve asset

RYAN SΞAN ADAMS - rsa.eth 

Twitter

Another case of "address poisoning," causing one user to lose $50 million. Photo: Techradar
The attack caused a shock.
A cryptocurrency user lost nearly $50 million USDT after mistakenly transferring the funds to...

Another case of "address poisoning," causing one user to lose $50 million.

Today we saw gold, silver, and palladium all hit new highs! Since the correction at the end of October, gold has been trading above the 25-35 day moving average; silver is rising along the four-hour moving average; and palladium is rising along the three-day moving average.
Synchronization: This "synchronized new highs" usually signifies the start of a major trend. Gold provides "stability," silver provides "elasticity," while the addition of palladium indicates a dual surge in industrial and investment demand.
In this clear upward trend, trading volume has not weakened significantly and no bearish structure has emerged. Don't try to short the short at the top; otherwise, you'll end up with...

Market Analysis | Gold, Silver, and Palladium Hit New Highs! How High Can They Go!?

Chapter 1: Executive Summary and Industry Landscape Analysis
As of December 19, 2025, the global digital asset mining sector is undergoing the most profound structural transformation since the birth of Bitcoin. With Bitcoin's price retreating to the $86,000 range after reaching an all-time high of approximately $125,000 in October 2025, and the total network hashrate surpassing the 1,000 EH/s mark, mining companies face the dual challenges of compressed profit margins and surging capital expenditures in the "post-halving era."

1.1 Industry Differentiation

Figure 1: Analysis of the Relationship between Hashrate and Market Capitalization of Major Mining Companies in 2025

The above figure clearly shows the current...

Is Bitcoin mining a thing of the past? Is AI the new trend?

In any case, if Ethereum and ETH fail, Ethereum's L2s and their tokens are valueless.
Aligning incentives is a win-win.