Speaking of the $ARB project, it was once one of the star applications on Layer 2, but its current performance is indeed worth pondering. Let's review the logical chain—Ethereum's high Gas fees have driven the development of the L2 track, and ARB, as a leading Layer 2 solution, has thus gained some market attention.

However, this fundamental situation is changing. Recent upgrades and optimizations to Ethereum have significantly reduced the Gas fees on the main chain. What does this mean? It indicates that the original necessity for Layer 2 solutions is weakening. When the interaction costs on the main chain decrease, users' dependence on Layer 2 naturally diminishes.

Looking at ARB's own data—over a billion dollars in market cap—relative to its actual application scale and market position, it still seems somewhat overestimated. This valuation mismatch with the fundamentals provides market participants with considerable imagination space. If Ethereum continues to optimize and the main chain usage costs further decrease in the future, the growth logic of Layer 2 projects may face challenges.