On November 28th, Alliance DAO co-founder Qw Qiao posted on social media, "The reason why I have trouble convincing myself to hold L1 public blockchain tokens for a long time is not because of their high price-to-earnings ratio (P/E), but because they do not have a moat. Without a moat, they are commoditized and cannot capture meaningful value.
Nowadays, users can easily move across chains. In addition to a few complex smart contracts, most application developers can quickly migrate from one chain to another. And launching a new chain is now easier than ever. Switching between blockchains is far less expensive than infrastructure like AWS.
The only way I can see chains strengthening their moats right now is to go vertical and dominate the application layer. My observation is that chains like Solana, Base, and Hyperliquid have come to this conclusion and are actively advancing it. Of course, the same is true for emerging enterprise chains like Tempo.
There is almost no doubt about the exponential growth of the crypto industry, but the best way to express this view is to bet on the application layer. "
AllianceDAO: It's hard to convince yourself to hold L1 tokens for a long time because there is no "moat"
2025-11-28 00:53:33
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