L2 networks earn a lot of revenue, but token holders often don't get a penny. That's because the revenue belongs to the protocol. Whether and how it is shared depends entirely on whether the governance token has passed a revenue distribution or buyback proposal. Without one, the revenue is just numbers sitting in a treasury.
Step 1: Check if the L2 has a governance mechanism to share revenue with token holders
Don't get blinded by big revenue numbers. First, look at the L2's governance documents and find out who controls the revenue.
What to do: Check the L2's official governance forum or docs. See if there is any proposal or mechanism that distributes sequencer revenue to token holders.
How to do it: Optimism passed a governance proposal in January 2026 to use 50% of Superchain sequencer net revenue for regular buybacks of OP tokens. In July 2026, Arbitrum announced that 10% of net revenue from partner L2s like Robinhood Chain would flow back to the Arbitrum ecosystem — 8% goes into the DAO treasury controlled by token holders, and 2% goes to a developer fund.
Outcome: You know whether the project you're interested in has a distribution mechanism, a buyback mechanism, or nothing at all.
Step 2: Distinguish between "money going to the DAO treasury" and "money going to your wallet"
This is the most common point of confusion. Revenue entering the DAO treasury does not mean you personally get paid.
Case A: Revenue goes to the DAO treasury, but is not distributed — That's what Arbitrum is doing now: 8% of partner chain revenue enters the DAO treasury controlled by token holders. But for now, it just means token holders control it, not that each holder gets money. How the funds will be used requires further governance votes — they could be spent on ecosystem grants, buybacks, or staking rewards.
Case B: Revenue is directly used to buy back tokens — This is the closest thing to "holders benefit". Optimism's governance has approved a buyback plan: 50% of Superchain sequencer net revenue will be used to buy back OP tokens on the open market. Buybacks reduce the circulating supply and support the token price, indirectly benefiting holders.
Case C: Revenue is fully controlled by the foundation — Most L2s are in this state. Sequencer revenue goes into the project team's pocket. Token holders get nothing except voting rights.
Outcome: You clearly understand which of these situations applies to the token you hold.
Step 3: Assess whether the L2's revenue sharing is sustainable
Even if there is a dividend or buyback today, you need to see if it can last.
What to do: Look at the L2's revenue source structure.
How to do it: If revenue mainly comes from transaction fees within the ecosystem, check whether trading volume is stable. If, like Optimism, it depends on revenue sharing from other Superchain member chains (such as Base), you must ask whether those chains will keep paying. Base is already considering leaving the revenue-sharing model, which directly threatens the collective income of Optimism.
Outcome: You judge whether the current profit-sharing or buyback mechanism is "sustainable internal growth" or "a short-term arrangement relying on a few partners".
A token holder's "right to revenue" is not a default part of L2 economics; it must be explicitly approved by a governance proposal. If the project team hasn't passed any proposal linking revenue to the token, then no matter how high the revenue is, it doesn't concern you. Also, even if a buyback plan has passed, pay attention to the specific details in the proposal — Optimism's buyback plan is currently only a 12-month pilot. Whether it continues depends on a new governance vote.
How to verify you've done this
Find the official governance forum or snapshot page for the L2 token you hold. Search for keywords like "revenue", "buyback", "distribution". If no relevant proposal has passed in the last 6 months, token holders currently receive no share of the revenue.
Next steps
Add that L2's governance forum to your regular reading list. If you see a revenue distribution or buyback proposal coming up for a vote, watch the details carefully — distribution percentage, buyback frequency, whether the funding source is "net revenue" or "gross revenue". These specifics directly determine how much you'll actually get.
