#Monad Layer-1网络发展 Analyzing this message, it can be seen that L1 public chain tokens are indeed facing severe challenges. The lack of a moat makes it difficult for them to capture long-term value, and users and developers can easily migrate between different chains. In this case, betting on application layers might be a wiser choice. However, some public chains are trying to build moats by verticalizing and controlling the application layer, such as Solana, Base, and others. Whether this strategy will be effective remains to be seen. From an investment perspective, it is important to closely monitor the differentiated development paths and application ecosystem construction of each L1 to identify potential opportunities for long-term value capture.