This felt like the final confirmation of something I’ve been preaching in this space for a while now:

Infra is dead, long live applications.
Anyone still chasing new ecosystems or shiny L1 tokens is basically stuck in 2020/2021 - and the bad news for those is, those days aren’t coming back.
As it should be, applications and real use cases have taken over and now account for 90%+ of industry revenue. That’s where value accrues, not at the underlying chain layer.
This doesn’t mean every app is undervalued, but it does mean most L1s, and especially L2s, are still massively overvalued, even after years of bleeding.
If we can move past value extraction and solve the token vs. equity problem, this industry can finally transition from a memetic, narrative-driven market into a serious financial ecosystem.
One that creates real, lasting value and attracts even the most conservative capital and smart money, ultimately growing into a $10T+ industry.
The industry is healing - and once it does, prices can finally catch up to fundamentals that have been lagging for far too long.