Intelligence
1. Executive Summary The L1 market is not dead, but it has completely transformed. The old 2020–2021 bull case was: "This chain is faster/cheaper than Ethereum, therefore it will win." That is no longer sufficient.
Macro
The second quarter of 2026 was characterized by macroeconomic headwinds and significant outflows in the crypto sector. Stubborn inflation in the US and the Federal Reserve's restrictive stance have dampened hopes
Deep Dives
Fundamentally, NEAR is one of the more interesting Layer-1 projects because, throughout 2025 and 2026, it moved away from the standard narrative of merely being a fast smart contract network. Instead, it has clearly positioned itself as the infrastructure...