Historically betting agaist Qiao is a bad idea, but I'd take the other side on this one.
I'm very bullish on L1s from here bc the barriers to entry are higher than ever and I see massive moats.
The network effects and lindy in particular are real - just look at where activity is congregating around.
Ethereum in particular is a great example of how strong network effects are.
The network basically tried to fire all of their customers and users (we don't like DeFi! go to L2s don't use mainchain) and yet activity STILL stayed on L1.
I think people drastically underestimate how sticky use cases are to individual chains, and user LTVs are far higher than most analysts give credit for.
However, the market won't value L1s like this until there's a simple model for translating these network effects into revenue, this is what's missing today.
And while corpo chains are trying to vertically integrate in the short term, long term the offerings of L1s aren't "core" to corpos and they will outsource them.
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 canât 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 itâs 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.
that said, Chainlink and Layer Zero look very interesting here
7,26Â k
28
Le contenu de cette page est fourni par des tiers. Sauf indication contraire, OKX nâest pas lâauteur du ou des articles citĂ©s et ne revendique aucun droit dâauteur sur le contenu. Le contenu est fourni Ă titre dâinformation uniquement et ne reprĂ©sente pas les opinions dâOKX. Il ne sâagit pas dâune approbation de quelque nature que ce soit et ne doit pas ĂȘtre considĂ©rĂ© comme un conseil en investissement ou une sollicitation dâachat ou de vente dâactifs numĂ©riques. Dans la mesure oĂč lâIA gĂ©nĂ©rative est utilisĂ©e pour fournir des rĂ©sumĂ©s ou dâautres informations, ce contenu gĂ©nĂ©rĂ© par IA peut ĂȘtre inexact ou incohĂ©rent. Veuillez lire lâarticle associĂ© pour obtenir davantage de dĂ©tails et dâinformations. OKX nâest pas responsable du contenu hĂ©bergĂ© sur des sites tiers. La dĂ©tention dâactifs numĂ©riques, y compris les stablecoins et les NFT, implique un niveau de risque Ă©levĂ© et leur valeur peut considĂ©rablement fluctuer. Examinez soigneusement votre situation financiĂšre pour dĂ©terminer si le trading ou la dĂ©tention dâactifs numĂ©riques vous convient.