The crypto industry has long had an irrational obsession with L1 gas coins and ignored other categories of infrastructure Of the top 20 crypto assets by market cap: • 75% are L1 chains • 15% are stablecoins • Only one asset is non-chain infra Weighted by market cap, the imbalance is even more extreme: • 88% L1 coins • 11% stablecoins • 0.3% non-chain infra This is a temporary phenomenon, blockchains are increasingly becoming commoditized infrastructure, and yet all of them depend on Chainlink LINK for real-world institutional use cases beyond speculation The DTCC (the legally mandated settlement infra underpinning U.S. capital markets) choosing Chainlink to power 24/7 collateral mobility on the DTCC's blockchain should be a wake up call for everyone The institutions are here, and 1) they're building their own blockchains and 2) they're choosing Chainlink for secure data, cross-chain, privacy, compliance, and orchestration capabilities The current crypto market cap distribution reflects current sentiment not long-term value capture(Zach Rynes | CLG)