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Hi Mahesh,

Loved this piece! Regarding the last section about monetary premium, I believe the market prices Layer 1s much higher than DeWi networks for a few reasons

- Native tokens of generalized SC platforms are used in all its transactions in the form of gas, aka if you want to perform any action on one of these chains you have to have at least some minimal amount of the native token to do so- utility quality to these assets

- A phenomenon that is not yet explained: NFTs almost always priced in the native token of the platform on which they reside. Although NFTs could be priced in any other asset, the market chooses to price these assets in the Layer 1 tokens- implying that there may be some unit of account and maybe even some store of value quality to these assets

- There may be greater value to these chains since all and any type of application to draw end users can be built on these platforms and therefore these chains will implicitly be securing X amount of dollars/value

- Generalized SC platforms are generalized and permissionless to build on aka they hold some notion of credible neutrality, a characteristic that may be desirable in an asset with monetary premium; as opposed to a chain that is more application specific like a DeWi network

happy to hear your thoughts!

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