noting that when Ethereum first found success, venture capitalists (VCs) invested heavily in Layer 1 and Layer 2 solutions rather than applications built on Ethereum. "The risk/return profile of infrastructure investment attracts venture capitalists and attracts builders who want venture capital support." Cassatt says the next era needs to focus on proving that applications can succeed and bring a return on capital. She emphasized the importance of distribution and cited the Telegram and TON ...