The Layer 1 Illusion: Why Empty Hype Outpaces Real Value in Crypto
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Blockchains promise the moon—but most are just selling cosmic real estate.
The Premium Mirage
Investors keep piling into Layer 1 projects like they’re printing money. Meanwhile, transaction volumes flatline like a dead chain’s heartbeat.
VCs Love a Blank Canvas
Pitch decks tout ‘unlimited scalability’ while actual dApps gather dust. But hey, those token unlocks won’t dump themselves.
The Cynic’s Take
Another ‘Ethereum killer’ rises. Another ecosystem fund deploys. Another 100x narrative gets pumped—right before the staking rewards dry up.
Wake us when the TVL matches the marketing budget.
Figure 1. Market Cap vs TVL for DeFi and Layer 1s
Figure 2. Layer 1s are clustered around higher fees and dApps around lower fees
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