The crypto industry is going through a phase shift as institutions begin to truly build and many will decide to do so within their own walled gardens. Your ideological views and preconceptions to a certain L1 are going to be left in the dust and I believe with it the premiums that were baked into many L1’s. IMO it’s inevitable. There will always be a place for permissionsless credibly neutral sovereign chains but it’s quite clear no single chain is going to dominate or win and there will be a proliferation of both sovereign chains and enterprise chains. I think that leads to a world where gas tokens for a chain are simply a business expense and equity value will flow to either equity ownership of the developer of the enterprise chain, or equity ownership in projects and protocols that build within sovereign chains. The issue there however is most current protocol token exposure to those is still in the grey area of being a governance coin with no claim on equity. Hopefully that changes in the next couple years as we get further regulatory clarity on token design