Can someone explain to me what the valuation for each layer should be in theory?

I know this may be theoretical but can someone please explain how valuation should work with the layers? For example, if ETH had a market cap of $500 M, is the maximum value of a layer 2 token equal to $500 M also? In theory, should the sum is of all layer 2 tokens have the same market cap as layer 1? Would this be true for each additional layer? I.e. sum of all layer 3 market cap also equals layer 1 market cap?

PS, I know this applies to more than ETH…tried posting this question to cryptocurrency forum but they won’t let me for some reason.