[Alliance DAO Co-Founder: L1 Blockchain Tokens Lack Moats, Difficult to Hold Long-Term] On November 28, Alliance DAO co-founder QwQiao stated on social media that the reason L1 blockchain tokens are difficult to hold long-term is not due to their high price-to-earnings ratio, but rather their lack of moats, which makes them easily commoditized and unable to capture meaningful value. He pointed out that users can easily transfer across chains, most application developers can quickly migrate chains, and the cost of launching a new chain is relatively low. He believes the only way for chains to strengthen their moats is through vertical integration and control of the application layer. For example, chains like Solana, Base, and Hyperliquid are already advancing in this direction. QwQiao expressed optimism about the exponential growth of the crypto industry but is more inclined to bet on the application layer.