APPLICATIONS CAPTURE FEES, BLOCKCHAINS STORE VALUE

Summary from the TLDR Crypto newsletter

Blockchain-based applications like pump.fun are increasingly out-earning infrastructure and smart contract platforms. There has been a shift toward “fat applications” and modularization across blockchains as apps seek greater economic control and technical flexibility. While apps capture a larger share of the blockchain fee pool, L1s could compete as digital money, acting as a store of value and medium of exchange.