#EFSells47MInETH The era of "useless governance tokens" for Layer 2s is ending. Thanks to the 90% reduction in data costs from EIP-4844, L2 sequencers are sitting on massive profit margins. The market is now demanding a "Fee Switch"—turning $ARB, $OP, and $STRK from pure voting chips into value-accrual assets. Uniswap’s fee-sharing proposal was the spark; the L2 revenue explosion is the gasoline. We are moving from momentum-based valuation to P/E ratio valuation for blockchains. The real "L2 Summer" starts when the holders start getting paid.