In the drawdown from last year’s highs, SUI fell about 80%, SOL about 70%, ETH about 60%. Brutal. But the charts missed what was underneath. On all three, economic density didn’t move. Users left, as they always do in a bear market, but the capital each remaining user had deployed stayed exactly where it was... the tourists and the bots went, and the people who stayed kept doing what they’d been doing. I spent a lot of time measuring this: stablecoin float, DeFi TVL and applications shipped per daily user, across every major L1. Why? Because I think it’s the truest measure of longevity there is. Every other L1 I measured lost density along with price. Adoption hadn’t taken hold yet. Doesn’t mean it won’t, but it hasn’t...