According to @alice_und_bob, L1 token value accrual is driven primarily by their use as direct or indirect collateral rather than by L2-to-L1 fee flows, because blockspace pricing becomes a race to the bottom as L1s scale and capacity turns abundant (source: @alice_und_bob on X, Dec 8, 2025, https://twitter.com/alice_und_bob/status/1998090662168727989). The post outlines an endgame where L1s mint algorithmic stablecoins and other synthetic assets to anchor basic economic activity, then use those stables to collateralize RWAs, spot and money market liquidity, prediction markets, and oracles, creating systemwide collateral demand for the L1 token (source: @alice_und_bob on X, Dec 8, 2025, https://twitter.com/alice_und_bob/status/1998090662168727989). For trading, this framework prioritizes L1 ecosystems building native stables and RWA collateral rails over narratives focused on L2 fee kickbacks to L1s when assessing sustainable token demand and value capture (source: @alice_und_bob on X, Dec 8, 2025, https://twitter.com/alice_und_bob/status/1998090662168727989).