Apps are starting to outperform chains. RWA and stablecoin issuers like SKY and Centrifuge held positive price momentum, while major L2s like Arbitrum and Optimism were still deep in the red despite strong activity and volume. Value is moving up the stack, from infrastructure to applications that capture real cash flows. Investors are starting to care less about blockspace and more about who actually owns the liquidity and earns on it. If this trend continues, capital will keep rotating from chains into protocols that monetize real usage.