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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! One surprising aspect of crypto markets this year has been the dramatic underperformance of Ethereum L2s. Outside of RON, which is up about 60% on the year, every single L2 token is dramatically underperforming ETH’s +65% YTD performance. In fact, most L2 tokens are outright down on the year, an impressive feat given the overall state of the bull market… and generally, they’re down a lot. OP, MATIC, and ARB are down 33%, 26%, and 24% respectively. That means that 1 ETH invested in OP at the beginning of the year is only worth 0.4 ETH today. This underperformance is not just due to the ETH ETF, or due to a broader altcoin underperformance. The L1 market shows a healthy dispersion this...