QwQiao, co-founder of Alliance DAO, stated that while he would not short Layer 1 (L1) tokens, he does not consider them "great investments." He noted that with thousands of assets available in the market, investors can likely find better opportunities elsewhere, though he clarified that L1s are not necessarily "bad," just not optimal investments in the current landscape. [Update 1] Trader Ray adds arguments regarding L1 commoditization and lack of moats. Trader Ray argues that holding Layer 1 tokens long-term is becoming increasingly difficult, not primarily due to valuations, but because they lack a competitive moat. He suggests that without a moat, these chains become commoditized. The ease with which users can now bridge assets between chains is cited as a primary factor eroding the stickiness and defensive advantage of individual Layer 1 networks, weakening their value capture.