QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that he finds it difficult to convince himself to hold L1 public chain tokens long-term. The reason is not their high price-to-earnings ratio (P/E), but rather the lack of a moat, making them easily commoditized and difficult to capture meaningful value. Currently, cross-chain migration is very convenient for users, and most application developers can quickly migrate their applications from one chain to another. Furthermore, launching a new chain is significantly easier than before, and the switching costs of blockchains are far lower than infrastructure like AWS. QwQiao also mentioned that the only way for a chain to strengthen its moat is to develop vertically and control the application layer. He observed that chains like Solana, Base, and Hyperliquid have realized this and are actively taking action, as is the emerging enterprise-level chain Tempo. He firmly believes that the crypto industry will experience exponential growth, and betting on the application layer is the best way to express this view.