A co-founder of a well-known incubator recently discussed an interesting topic—why is it so hard to make a clear bullish or bearish call on L1 public chains these days? His explanation is that there’s simply no unified standard for their economic attributes or valuation methods, and the market is still arguing about it to this day.

To put it bluntly: if you want to make money in this market, you have to bet in advance on the value logic that “everyone will eventually agree on.” The most awkward thing about the current L1 track is that the tech crowd focuses on technical metrics, the capital crowd looks at TVL data, and the ecosystem crowd watches developer numbers—everyone has their own standard. By the time the market finally unifies its valuation framework, the real opportunities may already be gone. So instead of copying others’ homework, it’s better to copy their forward-looking mindset.