Derived from CoinEdition, Alliance DAO co-founder Qiao Wang argues that most Layer-1 (L1) tokens lack strong 'moats' and are becoming commoditized, making them low-quality investment options. Wang contrasts this with the app layer, which he sees as offering more secure value capture. His views contrast with Haseeb Qureshi of Dragonfly, who argues in a recent essay that smart-contract chains have long-term value and are part of an exponential growth trend in crypto. Wang believes chains must 'verticalize' by owning both the blockchain and application layer to build real defensibility, citing projects like Solana and Base as examples.
Alliance DAO Co-Founder Qiao Wang Critiques L1 Tokens as Low-Quality Bets
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