On the near-term future of the app chain thesis.
App chains are not needed for any practical purposes. In fact, they are expensive: each chain needs to pay $2M to service provider mafias like CEXes and Etherscan, which is a source of fragmentation and user confusion.
But we need them to have tokens that are allowed to accrue value through staking.
As John points out, the example of counter production is DyDx that did a delicate dance to become a foundation and independent chain, just to lose all the market share to Hyperliquid who seem to have less legal concerns regarding where to go.
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