According to @bobbyong, building a new chain is akin to founding a country, and success requires aligned leadership, clear policies, well-designed incentives, a supportive ecosystem, and strong talent; otherwise factional infighting can destroy the project, flagging high governance and coordination risk for new-chain tokens, source: @bobbyong. According to @bobbyong, this highlights that evaluating leadership cohesion and incentive alignment is essential when assessing early-stage L1 and L2 investment risk, source: @bobbyong.