I actually subscribe to the L1 premium, or the SoV thesis, or however you want to frame it, bc apps/devs/users have an incentive to hold the L1 asset, regardless of any tradfi valuation framework. I’m willing to take the risk that the premium should be zero, but think that’s wrong bc it’s btc’s entire value (at least a large majority of it). Overlooking it has been a larger risk. But I think capital efficiency of TVL or application revenue are better proxies for an L1 premium over anything else like TVL by itself. Users/devs have an incentive to hodl/use L1 assets, bc there’s an incentive to innovate, create value, and capture it. L1 has the incentive to increase productivity. 🔄 📈= L1 premium Follow me for more alpha. My DMs are open.