According to @ThinkingUSD, generalized L1/L2 chains "do not work" and winning applications will launch their own chains, post state to a main blockchain, and "give nothing in exchange" (source: @ThinkingUSD on X, Sep 25, 2025). For traders, this thesis signals potential relative downside for generalized L1/L2 tokens and potential upside for app-specific chains and app-native tokens if value accrual shifts to the application layer (source: @ThinkingUSD). Positioning could favor monitoring capital flows toward apps rolling their own chains and away from broad generalized chain betas to guide rotation and hedging decisions (source: @ThinkingUSD).