Let’s clear up a common misconception about what actually drives price action 👇 Even most L1s don’t pump because their token is used for gas. The gas paid to validators usually gets sold, not locked or burned. Data from Ethereum, Solana, Avalanche, etc., shows gas consumption represents a tiny fraction of total token demand. If gas usage alone created value, every chain would trade at pennies, not billions. What really drives most valuations is speculation + staking lockups, not “utility burns.” So yes- most crypto price action, L1 or L2, is overwhelmingly speculative. But a small group of tokens; $BNB, $LINK, $ENA, $MNT, and soon $LINEA, are different: they’ve built real value accrual loops on top of the speculation. • BNB burns 20% of profits from Binance. • LINK captures oracle and CCIP fees. • ENA uses protocol earnings for buybacks. • MNT (Mantle) converts treasury yields into buy pressure. • LINEA will buy & burn 80% of protocol fees.

That’s not to say $ETH is purely speculative, it’s evolved and grown to where it’s used as collateral across DeFi, staked and restaked, burned, etc. But most others like $AVAX, $NEAR, $ADA, $DOT are held up on pure speculation + staking lockups.