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According to Odaily, Alliance DAO co-founder QwQiao posted on X that the fees/revenue ratio is an objective indicator for evaluating the moat of L1s, while other metrics are less objective. If a project has a solid competitive advantage and operates in a growing market, it should generate more revenue over time. Conversely, if there is no moat, the project will either lose market share or have to maintain it through price wars. Both scenarios ultimately lead to fees remaining unchanged or declining in the long term. It is worth noting that a project without a moat does not necessarily mean it has no value; it may be passing value on to customers instead of retaining it for itself.

QwQiao previously pointed out that the L1 sector lacks a moat, is easily commoditized, and struggles to capture meaningful long-term value. He believes that betting on the application layer may be a more deterministic direction, and stated that all his current holdings have long-term competitive advantages and are in fields experiencing exponential growth.

According to Odaily, Matt Savarese, Head of Digital Asset Strategy at Nasdaq, stated that the exchange has made SEC approval of its tokenized stock proposal a top priority and will "accelerate the process as much as possible." The proposal, submitted on September 8, aims to allow investors to trade tokenized assets based on publicly listed company shares on the Nasdaq platform.

Savarese emphasized that Nasdaq is not trying to "disrupt the existing system," but rather hopes to promote tokenized assets into the mainstream in a "responsible, investor-oriented" manner under the SEC regulatory framework. He said that the proposal will continue to be refined based on public feedback and regulatory issues.

The report notes that tokenized stocks have become one of the key topics of discussion in the crypto industry this year. In September, Galaxy Digital announced it had become the first Nasdaq-listed company to tokenize its equity on major blockchains. In addition, many industry insiders remain cautious about the potential value added to the crypto ecosystem by tokenized stocks, believing that if tokenized assets mainly operate on various Layer 2 networks, the value flowing back to Ethereum and the broader crypto market may be limited. (Cointelegraph)