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ChainCatcher News, Alliance DAO co-founder QwQiao stated on social media, "The reason I find it hard to convince myself to hold L1 public chain tokens for the long term is not because their price-to-earnings (P/E) ratios are high, but because they lack a moat. Without a moat, they become commoditized and are unable to capture meaningful value." Nowadays, users can easily transfer assets across chains. Except for a few complex smart contracts, most application developers can quickly migrate from one chain to another. Moreover, launching a new chain is easier now than ever before. The switching cost for blockchains is far lower than that of infrastructures like AWS. The only way I currently see for chains to strengthen their own moat is to verticalize and take control of the application layer. My observation is that chains such as Solana, Base, and Hyperliquid have already reached this conclusion and are actively moving in this direction. Of course, emerging enterprise-level chains like Tempo are doing the same. I firmly believe that exponential growth in the crypto industry is almost beyond doubt, but the best way to express this view is to bet on the application layer."

Jinse Finance reported that Oleg Ogienko, a member of the Russian State Duma's working group on crypto regulation, proposed at the recent Digital Almaz forum to implement an amnesty policy for cryptocurrency miners using illegally imported equipment. The aim is to convert these underground operators, who account for 60% of the country's total miners, into legal businesses. Ogienko pointed out that although Russia has legalized mining through legislation this year, the lack of an amnesty clause for illegally imported equipment has hindered miners from registering with the Federal Tax Service. Currently, only about 150 mining farms and 1,300 mining entities nationwide have completed registration. In regions with abundant electricity such as Siberia, excessive concentration of mining farms has led to power shortages, and more than ten regions have issued mining bans this year. Russian law enforcement agencies and power companies are jointly conducting nationwide raids, using technical means to locate illegal mining farms. The proposed amnesty aims to bring underground miners under regulatory oversight, ease enforcement pressure, and increase tax revenue.