Industry Concerns Regarding Layer-1 (L1) Tokens - The industry questions the long-term value of holding L1 tokens due to a perceived lack of a strong competitive advantage [1] - The core issue is that L1s lack a significant "moat," making it easy for users to bridge assets and developers to migrate [1] - New chains are easy to launch, resulting in lower switching costs compared to services like AWS [1] Potential Strategies for Chains - Chains should consider vertically integrating the application layer, as exemplified by Solana, Base, and Hyperliquid [1] - Alternatively, chains could focus on the application layer instead of infrastructure to capture exponential value [1]