"many of these chains have experienced significant declines in TVL after their token launches. This indicates not only weak token demand but also challenges in attracting and retaining users and liquidity. For instance, Scroll and Blast have both seen their TVL drop by more than 80% since their respective TGEs. Across the board, the 2024 launches have largely failed to capture sustained attention." We have an oversupply of blockspace, period. New L1/L2 launches are facing an increasing difficulty to answer one simple question: Why your chain instead of Solana or existing L2s? Chart from @MessariCrypto