Why the Real Debate Is Not L1 vs Apps, but Jurisdictions vs Commodities** The recent debate between Santiago Roel and Haseeb Qureshi is one of the most intellectually honest and important discussions we’ve seen in crypto valuation in years. It surfaces a question the market can no longer avoid: Are Layer 1s fundamentally overvalued — or are we applying the wrong valuation model to something that is not a company, not infrastructure, and not even a platform in the traditional sense? This debat...

Why the Real Debate Is Not L1 vs Apps, but Jurisdictions vs Commodities** The recent debate between Santiago Roel and Haseeb Qureshi is one of the most intellectually honest and important discussions we’ve seen in crypto valuation in years. It surfaces a question the market can no longer avoid: Are Layer 1s fundamentally overvalued — or are we applying the wrong valuation model to something that is not a company, not infrastructure, and not even a platform in the traditional sense? This debat...