i have a hard time convincing myself to own l1 tokens long term not because the p/e ratios r high, but because they have no moat. without a moat, they become commoditized and can’t capture meaningful value. - users can bridge from one chain to another easily these days. - most app devs can move from one chain to another fairly quickly too (aside from a handful of complex smart contracts). - and it’s never been easier to launch a new chain. their switching cost of blockchains is nowhere near something like aws. the only way as far as i can see for chains to strengthen their moat is to verticalize and own the app layer. my perception is chains solana, base, and hyperliquid have come to this conclusion and r actively working on it. and ofc so do the up and coming corp chains like tempo. its a no brainer to believe in the exponential, but the best expression of this view is to bet on the app layer.