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Delphi Digital: L1 valuation premiums have disappeared, and market demand for homogeneous infrastructure is weakening

2025-12-17 02:40:03

USDC-0.01%

Odaily Planet Daily reports that Delphi Digital stated on X that the valuation premium of Layer1 is disappearing. The transition from "fat protocols" to "fat applications" has been ongoing for some time, but the market is only now beginning to price it in. The demand for homogeneous infrastructure is weakening, and investors' 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 in USDC and USDT are deployed on various alternative Layer1 and Layer2 networks, generating over $1 billion annually for Circle and Tether. The ecosystems truly driving demand for these stablecoins have total fee income of about $800 million. Many public chains have realized this and are beginning to internalize the economic benefits of stablecoins rather than continuing to subsidize issuers.

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