the only L1 moat is token pairing btw
no one cares about fees, about tech or about app/chain premium
every runner on SOL adds buy pressure on ... SOL
thats exactly the Zora playbook and it works really well
the fat protocol thesis was a pipe dream sold to us by VCs to justify sky-high L1s valuations and turn everyone into exit liquidity
if we look back, the real winner in every tech cycle has been user aggregation. whoever owns the user relationship has the greatest leverage.
no reason for this to change
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