Today, two independent 'dead project lists' appeared, naming almost all L1 and 2025 projects that have gone viral L2：Blast、Berachain、Movement、Aptos、Sei、Starknet、zkSync、Polygon zkEVM、Scroll、Celestia、EigenLayer、0G、Linea、Metis、Axelar、NEAR、Cardano、Tezos Wait. This list itself is a viewpoint rather than a fact, but it represents an important consensus that is forming in the market: pure infrastructure stories are no longer enough, there is no truth to it L1/L2 supported by scenarios are entering the stage of 'proving themselves alive'. Why is this signal important: In the past two years, people have assumed that "new L1/L2=high valuation", and the valuation of infrastructure public chains is generally in the range of $1B to $10B. If market sentiment really starts to shift towards' public chains without usage scenarios should not be valued so much ', then the valuation correction of a large number of second tier L1 is just beginning. In the next six months, the public chain track will significantly differentiate into three categories: 1. Those with real income or real usage (Base, Solana, Arbitrarum) - premium expansion 2. There are unique technological narratives and strong ecosystems (Hyperliquid, Celestia, emerging AI public chains) - shaking but with opportunities 3. Only tokens are not used - passive foam squeezing, or even delisting The AI × Crypto race track should be repriced in this differentiation - those public chains that can truly support the Agent economy will benefit, while those that are just riding on the concept of "decentralized AI" will accelerate their clearance. Source of Death List: https://(x.com)/shahh/status/204370581332031525