Delphi Digital published an article on X stating that the valuation premium for Layer 1 is disappearing. The shift from "fat protocols" to "fat applications" has been ongoing for some time, but the market is only now beginning to price it in. Market demand for homogeneous infrastructure is weakening, and investor expectations have shifted. Major public chains are facing greater pressure to demonstrate real and sustainable recurring revenue. Stablecoins may be a way out; currently, over $30 billion worth of USDC and USDT are deployed on various alternative Layer 1 and Layer 2 networks, generating over $1 billion in revenue annually for Circle and Tether. The ecosystem that truly drives demand for these stablecoins generates approximately $800 million in transaction fees. Many public chains have recognized this and are beginning to internalize the economics of stablecoins rather than continuing to subsidize issuers.