Opinion Blockchains that own the stack will outperform chains only focused on the infrastructure level

The 2021-25 narrative was consistently around infrastructure. The chains that got VC-funding were chains that made onchain transaction faster, cheaper, better DA, etc. There may have been "decentralization theater," but most of these chains were heavily centralized (at least compared to Bitcoin or Ethereum). Blockspace became the commodity and it was a race to 0. The infrastructure thesis is dead. It doesn't work. It generates little revenue for the chain. 2025-26 has shown us it's the

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