[Delphi Digital: L1 Valuation Premium Has Disappeared, Market Demand for Homogeneous Infrastructure is Weakening] Odaily Planet Daily reports that Delphi Digital posted on X, stating that the valuation premium of Layer 1 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 this in. The demand for homogeneous infrastructure is weakening, and investor expectations have shifted. Major public blockchains are facing greater pressure to demonstrate real and sustainable recurring revenue. Stablecoins might be a way out. Currently, over $30 billion in USDC and USDT has been deployed across various alternative Layer 1 and Layer 2 networks, generating over $1 billion in annual revenue for Circle and Tether. The ecosystems that truly drive the demand for these stablecoins collectively generate approximately $800 million in fee revenue. Many public blockchains have realized this and are starting to internalize the economic benefits of stablecoins rather than continuing to subsidize issuers.