CAN L1S COMPETE WITH BTC AS MONEY?

Summary from the TLDR Crypto newsletter

Most of crypto's value is really a bet on “cryptomoney”, BTC plus L1 tokens that the market hopes can act like money one day. When you strip out TRON/Hyperliquid, L1 revenues have fallen, while their price-to-sales multiples have exploded (40x to 500x+), meaning valuations are being driven far more by monetary premium than by cash flows. Against that standard, almost all major L1s have underperformed BTC since late 2022. Even Solana, whose fundamentals went from 20 to 30x, only managed an 87% outperformance (at one point) versus BTC. BTC's claim as cryptomoney is strengthening while the “maybe we'll be money later” story for most L1s is quietly breaking.