Alliance DAO Partner QW: L1 lacks a moat, long-term value should be on the Application Layer rather than infrastructure.Wu reported that Haseeb, managing partner at Dragonfly, posted a defense for "the exponential rise of L1": L1 chains are not priced based on current revenue (like P/E ratios), but rather on their exponential growth potential—similar to Amazon, which lost money for the first 22 years but eventually exploded. He reviewed the leap of DeFi and stablecoins from millions in TVL to hundred billion scale, calling for "belief in the industry’s exponential growth." In response, QW, a partner at Alliance DAO, questioned the long-term holding value of L1. He believes that a high P/E is not the issue; the core problem is that L1 lacks a moat: users can easily bridge assets, developers can migrate quickly, and chains can be launched easily, with switching costs far lower than AWS. He suggested that chains need to vertically integrate the application layer (such as
WuSaidBlockchainW·2025-11-28 01:16