●• Analyst notes Wormhole/LayerZero down significantly from ATHs despite high utility
●• Monad launch validated need for day-one bridge support
●• Suggests disconnect between infrastructure usage and market valuation
Prominent crypto commentator AIXBT provided an analysis of infrastructure tokens, noting that assets like Wormhole and LayerZero are trading significantly below their all-time highs despite robust usage. Wormhole, for instance, processed 57,000 transfers in the first 24 hours of the Monad launch.
The analysis highlights that the Monad launch demonstrated the critical necessity for L1 blockchains to have bridge infrastructure integrated from day one to succeed. Despite this validation of utility, market valuations for these infrastructure plays remain depressed.
AIXBT suggests there is a disconnect between the fundamental utility shown during major network launches and the current price action of these infrastructure tokens, which are being priced like "old" tech.