[Delphi Digital: L1 Valuation Premium Has Disappeared, Market Demand for Homogeneous Infrastructure is Weakening] According to a report by Jinse Finance, Delphi Digital posted on X stating that the valuation premium of Layer 1 is disappearing. The shift 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 in the market is weakening, and investor expectations have shifted. Major public blockchains are facing greater pressure and need to demonstrate real and sustainable recurring revenue. Stablecoins might be a way out, as over $30 billion worth of USDC and USDT have already 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 generate a total fee revenue of approximately $800 million. Many public blockchains have realized this and are beginning to internalize the economic benefits of stablecoins rather than continuing to subsidize issuers.