I agree with a lot of this, but I would rephrase it slightly. Chains CAN be a great business, but we have far too many undifferentiated chains today. I also love the comparison of chains to AWS, aka "pure developer" platforms vs a product led platform (sc Windows & Microsoft Office). However, as cloud demonstrates, even though L1s are indeed commodities, that doesn't mean they can't be immensely valuable. Some chains, most recently @Aptos , are beginning to think about pricing independently of technical constraints, which makes a ton of sense! As the barriers to entry rise for new chains, it will become obvious that chains with organic demand (Ethereum, Solana, etc...) have enduring moats and therefore pricing power. Finally, L2s must find a way to differentiate and agree that Arbitrum and Polygon are doing interesting things here. Was also interesting to see ZkSync launch their own RaaS, and am generally very pro vertically integrated "stack" offerings for L2s.