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]