The Layer-1 investment thesis has changed. Faster execution and lower transaction costs no longer provide sufficient differentiation in a market containing numerous capable chains, abundant blockspace and increasingly portable applications.

Future winners must combine distribution, liquidity, developer retention, stablecoin activity, differentiated architecture and a credible mechanism through which network usage reaches the token. Many established valuation frameworks still underweight these changes.

The full POA report examines the Layer-1 market through 2028, compares the principal networks and identifies the economic conditions under which individual L1 tokens can justify their valuations.