# L1 Articoli collegati

Variant: Three L1 Assets Most Likely to Become Major Stores of Value

The core thesis of this article from Variant is that first-layer blockchain (L1) assets can be effectively analyzed as value stores (SOV). A good SOV is defined by several key traits: technological durability, scarcity, censorship resistance, economic productivity, strong memetics, and liquidity. The total addressable market for SOV assets is massive, exemplified by gold's $31 trillion market cap. The article identifies three L1 assets with high potential to become primary SOVs, each excelling in different dimensions. Bitcoin (BTC) dominates in memetic strength and widespread belief as "digital gold." Ethereum (ETH) stands out for its technological durability and adaptability, evidenced by its ability to upgrade and navigate significant challenges. ZCash (ZEC) excels in censorship resistance and privacy via its shielded pool feature, offering a long-term path for asset protection. The author concludes that despite these digital assets possessing superior fundamentals in many aspects compared to traditional SOVs like gold, they still represent a small fraction of the total SOV market, presenting a significant opportunity.

marsbit2 giorni fa 05:19

When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook

The article discusses how Solana's grand vision of becoming an "Internet Capital Markets" platform is facing significant challenges in 2026, primarily from the unexpected rise of Hyperliquid. Solana's performance has weakened, with its token SOL experiencing the largest price decline among major cryptocurrencies. Its core narrative of building a global, chain-based marketplace for all assets is under pressure both internally and externally. Hyperliquid, originally a perpetual futures exchange, has evolved into a dedicated Layer 1 financial infrastructure network. Its focused, trading-centric approach is attracting capital and challenging the assumption that a "general-purpose" ecosystem like Solana is necessary for a capital market. Hyperliquid's success suggests that for high-frequency trading, superior performance, liquidity, and user experience may be more critical than a broad application ecosystem. Internally, Solana's strategy suffered a blow from a major hack on the Drift Protocol in April, resulting in over $200 million in losses. In response, Solana founder Anatoly Yakovenko has heavily promoted Phoenix as a new decentralized perpetual futures platform on Solana. While this boosted Phoenix's visibility, its trading volume remains far behind leading platforms. Solana's community has launched a rhetorical attack against Hyperliquid, questioning its decentralization due to its limited validator set and closed-source code. Critics, however, point out Solana's own decreasing validator count and increasing centralization of stake. This focus on "decentralization metrics" has also caused internal friction, with other Solana ecosystem developers expressing discontent over the foundation's perceived favoritism towards Phoenix. The article concludes that the rise of Hyperliquid represents a challenge to the "general-purpose blockchain" narrative, proving that an efficient trading engine might be more central to a capital market than a vast ecosystem. If Solana cannot regain dominance in the derivatives space, it risks remaining a "meme coin paradise" rather than achieving its ambition of hosting global assets.

链捕手05/19 15:00

L1 is Dead, Long Live Appchain

"L1 is Dead, Appchain Rises" critiques the failure of current Layer-1 (L1) blockchain models, arguing their tokens are trending toward zero. The author identifies key flaws: linear token emissions that incentivize selling rather than value creation, weak value propositions like "gas token" and "governance" narratives, mismanagement by bloated "foundations" or "labs" that drain value through excessive spending and token sales, and poor industry leadership focused on short-term narratives and overhyped trends like RaaS and high TPS. The solution proposed is a fundamental shift. New L1 token models are needed, moving away from the "low float, high FDV" paradigm that disadvantages retail investors. Fundraising should be sufficient only for launch, not excessive. Token unlocks should be tied to real milestones like CEX listings or DeFi integration. The ultimate goal should be for L1 tokens to become widely used mediums of exchange, not just fuel for networks. Value is increasingly moving to the application layer, with successful apps building their own chains (appchains). The author concludes that L1s must build sustainable value by creating useful applications and services, fostering strong holder communities, and achieving self-sustainability without relying on continuous token emissions.

marsbit04/20 03:36

The End of the Public Chain 'Money-Splashing' Era

The article argues that the traditional L1 blockchain grant model for ecosystem funding is fundamentally broken, not just in need of minor adjustments. It claims that over the past four years, billions of dollars have been poured into grants from major L1s like NEAR, Avalanche, and Aptos, yet this has failed to produce lasting, breakthrough projects or sustainable ecosystems. Instead, it has created a cycle where teams optimize for grant applications and short-term KPIs rather than building viable products for real users. The model is criticized for fostering a "hostage" situation: foundations are trapped by their own metrics and feel compelled to disburse funds to show growth, while teams become dependent on grant cycles, shaping their roadmaps around fundable proposals rather than market needs. This leads to a proliferation of "zombie" projects that survive on grants but lack organic growth. The author contrasts this with direct equity and token investments, like those made by Solana Ventures, which create long-term, aligned partnerships. The piece concludes that the era of grants for cold-starting ecosystems is over. The future winners will be L1s that compete by attracting truly great companies through strategic investments and by being the best place to build, not the most generous grant committee.

marsbit04/13 14:14

Odaily Interviews Aster: DEX Will Ultimately Devour the Entire Trading World, Optional Privacy is the Key Ladder

Odaily Interview with Aster: DEX Will Ultimately Devour the Trading World, Optional Privacy is the Key Ladder Aster has initiated key steps to build institutional-grade private DeFi infrastructure, marked by the launch of its Layer 1 mainnet, Aster Chain, on March 17. The mainnet offers traders fair ordering and optional privacy. This was followed by the launch of its native staking function on March 20. The project has rapidly evolved from an innovative Perp DEX into a complete infrastructure layer, achieving record-breaking trading volumes in late 2025 and a successful TGE. In an interview, CEO Leonard explained their core logic: launching a mainnet *after* securing users and revenue, not with a "cold start." This ensures every step is validated by real market demand. Aster's key differentiator is its unique "optional privacy" value proposition, implemented through a ZK + Stealth Address architecture. This allows for automatic privacy for each transaction while maintaining verifiability. The team believes this feature is a prerequisite for mass adoption and will be a primary driver for institutional use of DEXs, forming the core of their moat. Looking ahead, Aster predicts the DEX landscape will evolve into an oligopoly dominated by a few major players. The project is actively pursuing partnerships with both Web2 and Web3 entities, with significant interest from financial firms looking to build markets or list assets on its chain. For the immediate future, Aster's Q2 focus is on attracting privacy-seeking users and institutions, expanding assets and liquidity, growing its ecosystem via its developer program (Aster Code), and enhancing token utility.

Odaily星球日报03/31 02:33

How Tron’s entry into AAIF could position TRX to lead AI agent boom

ambcrypto03/11 00:02

Ethereum's Narrative Is Being Rewritten: When L1 zkEVM Becomes the Endgame, When Will the Next Revolution Arrive?

Ethereum's narrative is undergoing a significant rewrite, shifting from a programmable ledger (2015-2020) to an L2-centric settlement layer (2021-2023), and now toward becoming a verifiable computer with L1 zkEVM as its endgame (2024 onward). The newly proposed Strawmap roadmap outlines an ambitious technical direction, targeting faster L1 confirmation, "Gigagas"-level throughput (10,000 TPS), quantum resistance, and native privacy. This transformation is driven by eight core technical workstreams: formalizing EVM specifications, replacing Keccak with ZK-friendly hashes, transitioning to Verkle Trees, enabling stateless clients, standardizing ZK proof systems, decoupling execution and consensus layers, implementing recursive proof aggregation, and ensuring developer toolchain compatibility. L1 zkEVM aims to integrate zero-knowledge proofs directly into Ethereum’s consensus layer, fundamentally upgrading its trust model. While full implementation may take until 2028-2029, this shift repositions Ethereum as the verifiable trust root for the entire Web3 ecosystem—enhancing scalability without compromising decentralization. The move also redefines the role of L2s, evolving them from scaling solutions to specialized execution environments. Ethereum’s structured, multi-year effort reflects its unique capacity for coordinated innovation and may ultimately establish it as a global settlement layer—fast, secure, and private.

marsbit03/07 07:12

L1 Value Capture Shrinks Significantly, ETH, SOL, HYPE Struggle to Return to Price Peaks

The article "L1 Value Capture Shrinks Significantly: ETH, SOL, HYPE Struggle to Return to Price Peaks" argues that Layer-1 blockchains face a structural, not cyclical, problem: their ability to capture value through transaction fees is systematically eroded by innovation. Historically, periods of high demand (e.g., Bitcoin congestion, Ethereum's DeFi Summer, Solana's memecoin frenzy) create fee revenue peaks. However, these peaks inevitably stimulate the creation of cheaper alternatives that siphon away this income. The core finding is that open, permissionless networks cannot sustain high fee revenues; profitability is consistently competed away. **Key Examples:** * **Bitcoin:** Fee spikes from congestion (2017, 2021) were quickly mitigated by innovations like SegWit, batching, the Lightning Network, and wrapped BTC. The 2024-2025 bull run saw minimal fee growth despite a 3x price increase, with ETFs providing massive BTC exposure without on-chain fees. * **Ethereum:** The 2020-2021 fee boom from DeFi and NFTs was dismantled by competing L1s and, crucially, its own L2 scaling solutions. The Dencun upgrade (EIP-4844) drastically reduced data costs for L2s, causing Ethereum's L1 fee revenue to collapse by over 95% from its peak. * **Solana:** Its revenue relies heavily on MEV/tips from volatile memecoin trading. This income is now being compressed by private AMMs (which hide liquidity to prevent MEV) and platforms like Hyperliquid, which are moving the most profitable price discovery activity off-chain. **Impact on Token Valuation:** The market is shifting from valuing L1s based on "on-chain profit" to "asset narratives" and "structural capital flows." The analysis suggests: * **ETH:** Now resembles a low-yield infrastructure asset. Its fee compression is structural and ongoing. * **SOL:** While network activity may hit new highs, its matured fee-capturing mechanisms mean MEV revenue is unlikely to return to previous peaks, making a new all-time high price difficult. * **HYPE (Hyperliquid):** Currently benefits from high fees on its perp DEX. However, its fee model is under immense pressure to compress towards traditional finance (TradFi) rates (e.g., CME), threatening its projected high earnings and potentially its token price. * **BTC:** Its security model is unique and inverted. It relies almost entirely on block subsidies, not fees. Miner survival post-halving depends entirely on the USD price of BTC doubling to offset the 50% reduction in BTC-denominated rewards, making long-term security precariously tied to perpetual price appreciation.

marsbit02/26 08:45

L1 Value Capture Shrinks Significantly, ETH, SOL, HYPE Struggle to Return to Price Peaks

This analysis examines the structural decline in fee-based revenue capture by Layer 1 (L1) blockchains, arguing that high transaction fees are systematically eroded by innovation, making them unsustainable as a primary valuation driver. Bitcoin’s fee spikes during congestion periods (e.g., 2017 and 2021 rallies) were rapidly mitigated by scaling solutions like SegWit, batching, and the Lightning Network. By 2025, daily fees fell to just $300k, under 1% of miner revenue, despite higher USD transaction volumes. Ordinals and Runes provided brief fee surges but were short-lived. Ethereum’s DeFi and NFT booms drove quarterly fees to $4.3 billion in late 2021. However, competing L1s and L2 rollups (e.g., Arbitrum, Optimism) diverted activity. The Dencun upgrade (EIP-4844) drastically reduced data costs for L2s, causing Ethereum’s L1 fee revenue to collapse by over 90% from its peak, falling below $15 million per quarter by late 2025. Solana’s revenue relies heavily on MEV and priority fees from memecoin trading, which peaked in early 2025. However, private AMMs (e.g., HumidiFi) and off-chain order flow (e.g., Hyperliquid’s HyperCore) have captured over 50% of DEX volume, reducing Solana’s MEV fees by more than 90% from their January 2025 highs. Hyperliquid currently dominates perps trading, earning $600 million in 2025, but its fee model (4.5 bps per trade) is vastly more expensive than traditional finance (e.g., CME). As institutional adoption grows, pressure to compress fees will intensify, challenging its token valuation. The report concludes that L1 tokens are increasingly weak as fee-capturing assets. Valuation drivers have shifted toward staking yields, ETF flows, RWA narratives, and macro liquidity—factors more tied to speculative demand than fundamental utility. Bitcoin remains an exception: its security depends not on fees but on continuous price appreciation to offset halvings, making its model uniquely fragile and narrative-dependent.

Odaily星球日报02/26 08:39

When DeFi Enters the "Exchange Era": The Ambition and Boundaries of Hyperliquid

Hyperliquid is a specialized Layer 1 blockchain designed to bring a centralized exchange-like experience to on-chain perpetual contract trading. It places order books, matching, execution, and liquidation primarily on-chain while achieving performance and usability comparable to major CEXs. Its native token, HYPE, captures value from trading fees and embodies a hybrid narrative of both exchange and blockchain utility. Key innovations include the HLP (Hyperliquid Liquidity Provider) mechanism, which incentivizes liquidity provision and supports market-making activities. However, Hyperliquid faces challenges including decentralization trade-offs, systemic risks from derivatives, potential HLP user misunderstandings, and future regulatory pressures. It represents a significant shift in DeFi towards exchange-grade usability but remains a high-risk, complex financial experiment.

比推02/25 06:18