Ethereum Ecosystem - Appchains like Lighter_xyz enhance Ethereum's utility [1] - Growth of appchains leads to increased asset deposits in Ethereum-secured contracts [1] - Net-new deposits on appchains result in additional asset issuance on Ethereum [1]

Appchain Impact on Ethereum - Appchains like Lighter_xyz enhance Ethereum's utility [1] - Growth of appchains leads to increased asset deposits into Ethereum-secured contracts [1] - Net-new deposits on appchains ultimately result in additional asset issuance on Ethereum [1]

Market Trends & Competition - The core debate revolves around the future valuation of chains with app-like revenue versus those without, suggesting a winner-takes-all dynamic [1] - The industry is observing a shift where infrastructure tokens relying solely on transaction fees may be surpassed by chains generating revenue from applications or app-like services [2] - There's a discussion on whether successful applications will migrate to appchains or if successful appchains will evolve into general chains [2] Tokenomics & Revenue - The analysis focuses on the top 120 fee-generating entities in the crypto space over a 30-day period, categorized by chain and application [1] - The normalization of token-to-revenue links is anticipated, especially with increasing regulatory clarity, influencing the perceived value of different blockchain categories [2]

Market Trends & Dynamics - The author argues against the idea that all apps will become appchains and move off general chains, suggesting the opposite is more likely: successful appchains will evolve into general chains [1] - The author points out that successful blockchains like Solana, Base, Ethereum, BNB, and Arbitrum are general chains, not appchains [1] - The author notes that successful players like Circle, Tether, Stripe, and Coinbase are developing their own general blockchains [1] Counterarguments & Rebuttals - The author uses Hyperliquid as an example of an app that is now trying to roll out its own generalized L1, contradicting the claim that apps will move to appchains [1] - The author argues against the notion that moving to an appchain (like Zimbabwe) for lower costs is a good idea, comparing it to the benefits of staying in a general chain (like NYC) [1] - The author refutes the idea that an app deploying an appchain will lose no liquidity, users, or attention, and that the cost of rolling their own chain will be less than using an existing chain [1] Evolution of Appchains - The author posits that an appchain, to grow revenue, will need to add new products or lines of business, becoming more generalized [1] - The author suggests that if an appchain is successful, other developers and teams will want to build on top of it, further generalizing the chain [1]

Group 1 - Prediction markets and decentralized autonomous organizations (DAOs) share strong similarities, as both blend social behavior and financial capital [1][2] - DAOs are seen as a means to coordinate human and financial capital, while prediction markets can also coordinate capital and human intelligence [1] - The evolution of Syndicate's focus includes enabling communities to launch their own blockchains through appchains, moving beyond just DAO infrastructure [2] Group 2 - DAOs were prominent during the pandemic, with various high-profile projects, but their visibility has decreased compared to prediction markets [3] - Despite regulatory threats, Kalshi recently surpassed $1 billion in monthly trading volume, and Polymarket had 226,000 active traders generating $1 billion in trading volume [4] - Prediction markets allow users to bet on a wide range of future events, indicating that the next chapter for DeFi may be influenced by upcoming news rather than governance discussions [5]

Solana Ecosystem - Jito Labs CEO 表示 Solana 是应用程序盈利的最佳平台 [1] - Solana 被认为是真正的应用链，应用程序在 Solana 上赚取大量资金 [1] - 曾有一周时间，Solana 上的应用日收入超过 100 万美元 [1]

Industry Opinion - The industry expresses a negative sentiment towards the concept of appchains [1] - The industry struggles to identify any appchains that can be categorized as "successful" [1]