Interoperability & Fragmentation - Chain fragmentation benefits interoperability protocols [1] - Interoperability solutions include bridges and oracles like Chainlink [1] Payment L1s - The likelihood of a single globally-dominant payment L1 is decreasing [1] - Tether, Circle, and Stripe are building different payment L1s [1] Ethereum's Role - Ethereum is positioned as a liquidity hub for all chains [1]