A well-known investor in the English-speaking crypto community (an early adopter who made quite a bit of money) said that L1s don’t have a moat. Kind of surprising. If it were just an average crypto trader, fine, but for a seasoned investor to think this way, it shows there are still asymmetric opportunities in this industry. From a certain perspective, this might actually be a good thing. If L1s don’t have a moat, forget about trying to recreate $BTC or Ethereum—how about trying to recreate Solana? The real window for general-purpose L1s was from 2017 to 2025. With Ethereum’s Fusaka upgrade, this window is gradually closing. When new blockchains can’t achieve absolute advantages in high performance and low fees, the competition for L1 dominance loses its meaning. Contrary to intuition, there might still be a slim chance for breakthroughs in decentralization.