I'm on record saying I think all L1 and L2 tokens are extremely overvalued, & capture little to no value from the growth of their ecosystems. Which is why none of these L1 tokens go higher despite an onslaught of new partnerships & new app growth announcements over the last 12 months. Polymarket's massive growth while the POL token goes straight to $0 is a good example of this problem. Same with Stablecoin growth doing nothing for underlying L1 growth. BUT Matt's argument below is the bull case for L1s. As is always the case when someone makes a bull argument for L1s, he does nothing to address why L1s are valuable, or what they're actually worth, but if you dream big enough regarding how important blockchains will be to the future of finance, you should in theory make money being long the ones that are used the most.