Arbitrum's financial performance is impressive - annual revenue has surpassed $50 million, with a profit margin of 97.8%. Even more eye-catching is its treasury size, with non-ARB asset reserves reaching $200 million, and ecosystem TVL soaring to $17 billion. However, behind this report card lies a reality issue: ARB token holders have hardly benefited at all. There is no profit distribution mechanism, no staking rewards, and not even the most basic value capture can be talked about. The only right is to participate in governance voting - this sounds good, but in reality, the holders who truly participate are less than 0.01% of the total. The protocol continuously creates value, but the role of the token remains ambiguous. This reflects a common problem in the token design of many current L2 projects: how to find a balance between incentivizing the community and retaining economic leverage.