What's the upside for L2 tokens?

Fee sharing?

Even if they turned on fee sharing, it's not much:

Arbitrum made $19.5m in fees in a year. Optimism $18.3m.

zkSync just $1.3m and Starknet $600k.

This Price(FDV)-to-Fees ratio puts Arbitrum at 137.8x, and Optimism at 205.7x

Starknet - 4204x

In context, TSLA trades at 187x P/E ratio so Arbitrum might even look cheap.

But Tesla is an exception. S&P500 trades at ~ 29x the earnings.

This makes L2 tokens overvalued by a lot. Unless we expect their adoption and fees to pick up massively.