The broader market is moving sideways, but L2s are leading the way: $OP
up more than 24% over 24 hours, $ZK
up more than 12%, ARB up more than 8%, and $MANTA
up more than 7%. This isn’t a sudden move: L2 scaling and modular projects started strengthening two days ago, with ZK moving first and OP following today. Capital is rotating through different plays within the same narrative.
What’s interesting is the valuation: OP had the biggest gain, yet its market cap is only $685 million; #ARB had the smallest gain, but its market cap is $1.806 billion. ARB still holds the pricing power in L2. Although the Superchain narrative has been generating a lot of buzz around OP, the secondary market hasn’t assigned it much of a premium.
This is a high-beta rebound after an oversold decline among low-market-cap tokens, not a fundamental revaluation. Going forward, watch whether TVL, fees, and token demand can keep up. If they can’t, the rally will fizzle out.
up more than 24% over 24 hours, $ZK
up more than 12%, ARB up more than 8%, and $MANTA
up more than 7%. This isn’t a sudden move: L2 scaling and modular projects started strengthening two days ago, with ZK moving first and OP following today. Capital is rotating through different plays within the same narrative.
What’s interesting is the valuation: OP had the biggest gain, yet its market cap is only $685 million; #ARB had the smallest gain, but its market cap is $1.806 billion. ARB still holds the pricing power in L2. Although the Superchain narrative has been generating a lot of buzz around OP, the secondary market hasn’t assigned it much of a premium.
This is a high-beta rebound after an oversold decline among low-market-cap tokens, not a fundamental revaluation. Going forward, watch whether TVL, fees, and token demand can keep up. If they can’t, the rally will fizzle out.