PANews reported on November 28th that QwQiao, co-founder of Alliance DAO, posted 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 that these tokens lack a moat, are easily commoditized, and struggle to capture meaningful value. Currently, cross-chain transfers are 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 cost of switching blockchains is far lower than that of infrastructure like AWS. QwQiao also mentioned that the only way for a blockchain to strengthen its competitive advantage is through vertical development and control of 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-grade 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.PANews reported on November 28th that QwQiao, co-founder of Alliance DAO, posted 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 that these tokens lack a moat, are easily commoditized, and struggle to capture meaningful value. Currently, cross-chain transfers are 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 cost of switching blockchains is far lower than that of infrastructure like AWS. QwQiao also mentioned that the only way for a blockchain to strengthen its competitive advantage is through vertical development and control of 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-grade 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.