Research topic

Value Capture

Where value actually accrues: fee switches, token linkage, and the gap between usage and price.

Filed here

piece, newest first.

All pieces.

Mar 15, 2026

Apps Eat the Stack: Why L2 Tokens Keep Underperforming

Layer 2 networks process five times Ethereum's transaction volume. Their tokens have lost 80-90% of their value. The value is migrating to applications, and the market is only just starting to price it.

Read the piece

Following Value Capture?

Get the next piece by email, or keep browsing.

Get the next piece Browse all research