Alliance DAO Co-founder: It's hard to convince myself to hold L1 Token for the long term, as there is no "moat".

BlockBeats news, on November 28, Alliance DAO co-founder QwQiao posted on social media, “The reason I find it hard to convince myself to hold L1 public chain Tokens for the long term is not because their price-to-earnings (P/E) ratios are high, but because they lack a moat. Without a moat, they will be commoditized and unable to capture meaningful value. Nowadays, users can easily transfer across chains. Apart from a few complex smart contracts, most application developers can quickly migrate from one chain to another. Moreover, starting a new chain is easier than ever. The switching costs of Blockchain are far less than those of infrastructures like AWS. The only way I currently see chains strengthening their own moats is by vertical integration and controlling the Application Layer. My observation is that chains like Solana, Base, and Hyperliquid have already reached this conclusion and are actively advancing. Of course, emerging enterprise chains like Tempo are doing the same. It is almost unquestionable that the cryptocurrency industry will experience exponential growth, but the best way to express this viewpoint is to bet on the Application Layer.”