Raoul Pal: Only Three Blockchains Will Survive — Ethereum, Solana and Sui
- —80% of early crypto projects went to zero; 1% capture nearly all returns
- —Capital turnover is the only metric that correlates with returns — inversely
- —Only Ethereum, Solana and Sui held economic density during the drawdown
- —AI agents will pick the cheapest network, pushing fees toward zero
Why it matters: The thesis of value concentrating in two or three L1s adds pressure on tokens of chains lacking users and liquidity.
Source: 動區 BlockTempo