- 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?

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