As Arbitrum just marked the first anniversary since the launch of its nativer token ARB on March 23rd, 2023, a striking discrepancy emerges in the market dynamics between Optimism and Arbitrum. Despite Arbitrum boasting superior metrics, ARB's price consistently hovers at approximately half that of Optimism. Is the market overvaluing Optimism? A closer examination reveals that the OP token price may reflect not just Optimism itself but also the performance of the broader OP Stack. When factoring in the substantial contribution of Base, the revenue multiple (Price-to-Sales ratio) leans lower than Arbitrum, suggesting that OP is potentially less overvalued.