Delphi Digital:L1估值溢价已消失,市场对同质基础设施的需求在减弱

Odaily星球日报讯 Delphi Digital 于 X 发文表示,Layer1 的估值溢价正在消失,由“胖协议”向“胖应用”的转型已持续一段时间,但市场现在才开始为此定价。市场对同质化基础设施的需求正在减弱,投资者的预期已经转变。各大公链正面临更大压力,需要展示真实且可持续的经常性收入。稳定币可能是一条出路,目前已有超过 300 亿美元的 USDC 和 USDT 部署在各大替代性的 Layer1 和 Layer2 网络上,每年为 Circle 和 Tether 创造超过 10 亿美元的收入。真正驱动这些稳定币需求的生态系统,其手续费收入总计约为 8 亿美元。许多公链已意识到这一点,并开始着手内化稳定币的经济效益,而非继续补贴发行方。

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