Ink Chain governance token's experiment beyond the limits of 'revenue-sharing' L2 ecosystem @inkonchain Recently, Ink Chain, which is preparing for launch, is making an attempt to directly overcome the chronic problem of 'lack of token utility' faced by existing Layer 2 (L2) projects. 1. The limitations of governance-centered models and market skepticism Existing L2 projects like Arbitrum and Optimism, despite having a strong technical foundation, have struggled with the limited use of their tokens being confined to 'governance voting', leading to difficulties in value support. This has resulted in criticism that they do not provide investors with practical value beyond simple empowerment, and the market no longer assigns a high premium to simple governance tokens. 2. Ink Chain's core strategy: 'integrated revenue distribution' flywheel The differentiating point of Ink Chain lies in the way it combines major dApps (decentralized applications) within the ecosystem with token economics. Instead of issuing individual tokens and allowing each dApp to issue its own tokens, thereby dispersing liquidity, it aims to manage this at the chain level. Revenue return structure: It seems to be building a mechanism to directly distribute protocol revenues generated from each dApp to INK token holders or use them to enhance value. Through the flywheel effect, revenue increases the value of the token, and the increased value attracts strong liquidity and users, creating a virtuous cycle that can expand the ecosystem. Whether this revenue-sharing L2 model will be the savior of the entire market remains to be seen, but there are challenges to be addressed, such as regulatory risks and the independent growth desires of individual dApps. However, at this point, it has already been proven that survival cannot be achieved through simple governance alone, and Ink Chain's attempt is expected to be a significant case that suggests the evolutionary direction of L2 token economics. I believe that only chains that generate substantial cash flow are likely to become true players in the next bull market. *It seems worthwhile to evaluate the specific revenue distribution formula of Ink Chain once it is disclosed and to conduct precise valuation assessments through on-chain data from initial partner dApps.