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Delphi Digital: L1 Valuation Premium Disappearing, Demand for Homogeneous Infrastructure Waning

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Delphi Digital says the L1 valuation premium is fading. The shift to "fat applications" is now being priced in. Demand for same-type infrastructure is dropping. Investor focus has changed. Major chains now need to show real, recurring revenue. Stablecoins may offer a way forward. Over $300 billion in USDC and USDT is on alt L1 and L2 networks. This generates over $1 billion yearly for Circle and Tether. The ecosystem brings in about $800 million in fees. Chains are now capturing stablecoin value instead of subsidizing issuers. What is clear is that market cap growth now depends on sustainable revenue models.
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