- 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?