Account Abstraction is going to be the death of the “L1 gas token is money” theory of blockchains Any service (incl tx gas fees) will be payable with any form of value, most new users won’t touch or even be aware that the chain has a native token Chain value capture will come down to revenue generation (gas fees + MEV), which will continued to be crushed by more scalable chain designs and application MEV-recapture solutions like SVR The money properties of L1 gas tokens will come down to its SoV properties and distribution (hard to beat BTC here), versus people end-users holding surplus reserves amounts for gas Focus on revenue will lead to chains trying to vertically integrate the stack (e.g., Coinbase platform with Base) to diversity revenue streams Maybe, finally, the irrational market premium for L1 gas tokens will begin to adjust to reality Biggest beneficiaries here will be the chain-agnostic infra platforms and the application layer that are already diversifying revenue streams and monetize onboarding people to chains