The analysis of market dynamics between Optimism and Arbitrum reveals a fascinating dissonance. Despite Arbitrum showcasing superior metrics in various aspects such as transaction volume, project proliferation, Total Value Locked (TVL), revenue, and profitability compared to Optimism, the price of ARB consistently lags behind that of Optimism, prompting speculation about Optimism's potential overvaluation. While at a first glance this seems to be the case, factoring in the significant contribution of Base reveals a different and more nuanced picture, one where the P/S for the OP Stack is lower, and hence possibly less overvalued, than for Arbitrum.

Furthermore, comparing the revenue multiples of these blockchains with traditional sectors of the economy underscores the unique dynamics of blockchain platforms as infrastructure rather than individual entities. The triple network effects enjoyed by rollup-as-a-service platforms like Arbitrum and Optimism may account for some of these disparities, although further research would surely help shed a brighter light on this topic.

As a final note, it's worth noting that since the conclusion of the observed period, Base has undergone significant growth in terms of daily transactions, TVL, and revenue. As a result, it's likely that the revenue multiple for the OP Stack has already shifted. A forthcoming update will provide insight into these changes.

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