Whether it's L1 or L2, it seems like these so-called king-tier public chain/side chain projects have been on the decline since ARB. Whether it's ZK, STARK, the long-criticized LINEA, or the currently underwhelming MON, they all can't escape user loss after token issuance, eventually turning into ghost chains. The once king-tier fundraising now looks like a joke in hindsight. Among the chains that haven't issued tokens yet, I actually have high hopes for BASE. Even though it hasn't issued a token, it still has various ecosystems and user recognition. When someone says, 'I need some USDT on Base,' it doesn't feel out of place, and you don't instinctively think, 'Are people still using this?' I think that's where Base is doing well right now. As for the other chains, they're probably just hype and a big pile of nothing.