Layer 1 (L1) Investment Thesis - L1 investment hinges on the belief that its token will capture significant value through shared state access and Data Availability (DA) [1] - Alternatively, investment is justified if the L1 token possesses Store of Value (SoV) or moneyness properties [1] Value Leakage Avoidance - Applications are actively avoiding value leakage to the underlying L1 [1] Token Holding Rationale - Holding L1 tokens is only worthwhile if the investor believes in either the token's value capture potential or its SoV/moneyness characteristics [1]