Betting on L1 and L2 tokens is betting that tech won't progress meaningfully and you've suddenly discovered the optimal way to transact value.

It's also a bet that front ends which actually own the user will, for some reason, be loyal to your chain instead of grabbing as much value as they can for themselves.

Users will have no idea what chains their assets are sitting on for the most part, this is a good thing for regulation and compliance, it makes checking the solvency of financial products much easier and independently possible.

CLOBs are theoretically optimal ways to transact, fundamentally different bet.