David

And especially these general purpose all L1s and L2s, I believe they're going to continue to struggle to attract new liquidity, new users without blasting incentives, right?

We've seen a number of alt L1s throughout the last year run these really aggressive deposit campaigns.

You get nine figures in deposits.

They pay out a significant amount of incentives and the capital immediately leaves.

And maybe one of the more recent examples of this is Unichain.

You know, back in July, they were at roughly $1 billion in TVL with the incentives.

Fast forward to today, they're at circa $100 million in TVL.

And it's just this very common playbook that's been run.

And the reason why is like all the capital ends up going back to Ethereum or Solana.

And I think beyond that, if you were to ask me a year, two years ago, uh,

will PumpFun or Polymarket launch their own chain?

I would have bet strongly yes.

Both controlled, you know, the front end.

They owned all the users, the eyeballs, and they didn't, right?

And that really begs the question, why didn't they?

And if they didn't, who should, right?

So even for these application-specific chains, it's come into question that

These companies actually really, A, not only value the network effects of their underlying network, but B, they can't really justify launching a chain because before the reason to launch a chain was you could really establish this large L1 premium.

And by and large, again, outside of the really big winners, that doesn't exist today.

And again, you're abandoning the network effects of the underlying chain and you're introducing a lot of friction.