POPA Recon🔹L1 thesis is dead source
🔹L1 thesis is dead source 1. The value distribution structure of the crypto market is moving from infrastructure to individual apps. From 2021 to 2023, infrastructure accounted for more than 90% of total monthly sales, but this proportion plummeted to about 25% by mid-2026. 2. Platforms such as Hyperliquid and Pump.fun that directly secure customer contact points and order flow instead of base chains that rely on collecting gas fees are leading the market. 3. However, this fat app trend does not lead to even growth of the overall app ecosystem. Actual app sales are concentrated in a small n…
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