I think a lot of us are actually saying the same thing. @santiagoroel and I have written similar things about Fat Protocol thesis being dead, and L1s being completely overvalued based on SOTP (but we both acknowledge that the majority of the world's assets aren't onchain yet, so these numbers could grow exponentially, quickly). Meanwhile, @hosseeb has written that current valuations of L1s based on today’s revenues and utility value are irrelevant, because the entire world’s assets will one day be moving on blockchain rails. And while that doesn’t mean that any individual L1 token is cheap, collectively it makes the total value of all blockchains cheap, and betting on any one L1 token is essentially a probability function of its success. And @DTAPCAP is arguing a similar point -- which is that consumer behavior on a social app is very different than financial behavior on a world money transfer app. But all of these arguments point to the same thing. The future of blockchain has never been more certain. We know more and more assets are coming onchain. But there is a huge divide right now between what the tech will be used for, versus what it is actually being used for today. So essentially, any bull or bear take on L1s simply comes down to a) how fast will all of the world's $600 trillion+ of debt, equity and real estate come on chain? The longer the time horizon, the more expensive these assets are. b) Which chain(s) will win? It's basically the same thesis, with different time horizons and different anointed winners.