There are four primary use cases of blockchain apps today

Payments

Swaps

Lending

Leverage

There are ~100 chains with $10M+ TVL, and since chains usually have 1 of each app, that’s ~400 apps covering the same 4 use cases

And yet, every week, we see a new collection of L1 / L2 chains go live, who inevitably offer the same 4 basic apps

Combine this with the fact that 1) chain scalability is driving a race-to-zero for transaction fees, 2) apps are moving to capture their own MEV, and 3) gas tokens are being abstracted away…

Maybe, just possibly, the speculative premium that the market is placing on hundreds of these L1 / L2 tokens is not rational

Just saying