David

One, I'm very bullish on Solana from the perspective of pretty much every founder I meet and consumer, that is where they just default go to build, right?

And on the other side of the spectrum, I expect to see like a very strong reversal in Ethereum sentiment.

I think we've already begun that with Genius Act, Clarity Act, improvement in REV and TVL, DAT bid, institutional bid.

I think everything is just going to go Ethereum's way this year in particular.

David, Brian, thank you for having me.

So I definitely don't want to give the idea that I absolutely do not believe alt L1s or L2s could have their day.

They absolutely can.

And definitely application specific chains can.

But if we're talking just about general purpose chains, I think in 2025, it's become abundantly clear that it's incredibly difficult for an incumbent to disrupt the network effects already achieved by Ethereum and Solana.

And especially these general purpose all L1s and L2s, I believe they're going to continue to struggle to attract new liquidity, new users without blasting incentives, right?

We've seen a number of alt L1s throughout the last year run these really aggressive deposit campaigns.

You get nine figures in deposits.

They pay out a significant amount of incentives and the capital immediately leaves.

And maybe one of the more recent examples of this is Unichain.

You know, back in July, they were at roughly $1 billion in TVL with the incentives.

Fast forward to today, they're at circa $100 million in TVL.

And it's just this very common playbook that's been run.

And the reason why is like all the capital ends up going back to Ethereum or Solana.

And I think beyond that, if you were to ask me a year, two years ago, uh,

will PumpFun or Polymarket launch their own chain?