Everyone’s quoting the “$26.6M in 2025” line, but the fun part here is how @arbitrum is starting to look like an actual economic engine, not just “big DAO, big bag.” Messari’s “Arbitrum Everywhere: Beyond the Limits” breaks it down: roughly $20.5M of 2025 revenue (~92.5%) still comes from core execution (Arbitrum One + Orbit fees), with Timeboost already ~$4.5M, ~20.5% of this year’s revenue after launching in April. That’s sequencer/MEV flow being captured for the DAO instead of leaking to random bots. At the same time, the same report shows the treasury down ~56.9% YTD to ~$1.12B, still 83.9% ARB, 8.5% ETH, 4.2% RWAs, 3.4% stables so you’ve got a cash-flowing L2 whose balance sheet is still very reflexive and mostly long its own token. What I like in this “Digital Sovereign Nation” framing is that revenue isn’t just piling up passively it’s being cycled into programs like DRIP, STEP, AGV to spin up new “economic zones” in perps, money markets, and RWAs instead of just bribing TVL. The way I’m sanity-checking this: ❯ track protocol revenue vs. ARB emissions over the next 12–18 months ❯ watch how much of the treasury shifts from ARB into yield-bearing RWAs + ETH strategies ❯ see if DRIP-style programs actually move fees, not just dashboards On the “Digital Sovereign Nation” claim: still early, but a DAO with real, growing cash flow, a billion-dollar treasury and a live playbook for reinvesting into its own economy is at least playing a different game than most L2s. I’m watching how fast non-ARB income and RWA yield share grow from here