#Layer-1网络发展 Seeing this message, it naturally reminded me of the pitfalls I encountered in the early days. Back then, I didn't understand analysis and just thought certain chains were the "future." What was the result? In less than half a year, they were overwhelmed by new chains. Looking back now, I realize how naive that was.

The co-founder’s point makes sense—L1 indeed lacks a moat. Users and developers can easily switch between chains, and new chains keep emerging. In this environment, solely betting on a specific chain’s tokens is truly too risky.

However, the idea of "vertical control of application layers" he mentioned is quite interesting. Chains like Solana and Base are indeed moving in this direction. But I believe whether this model can succeed depends on the specific implementation. After all, innovation at the application layer is the fastest, and if the chain can't keep up, it may face elimination.

For ordinary investors like us, instead of risking bets on a particular chain, it’s better to focus on truly valuable applications. After all, good applications will always find the right chain, not the other way around. Remember, in this industry, real value is the best moat.