‘Discussing L1 Value Capture Through Two Solana Proposals’ (Author: Max Resnick; Translated by: Jiahuan ChainCatcher) Anza's Chief Economist believes that the valuation of L1 tokens shouldn't solely focus on transaction volume, developer count, or narratives, but should return to whether token holders can achieve sustainable income. The value of L1 primarily comes from fee burning and real fees distributed to stakers, rather than inflationary staking rewards;