CoinVoice has recently learned that according to data compiled by investment institution Syncracy, as of September 25, the revenue of blockchain application projects has exceeded that of most infrastructure projects, indicating that the blockchain ecosystem is maturing.
Although top infrastructure projects are still in the lead, the revenue of several application projects has surpassed that of long-tail infrastructure projects, such as LDO, JUP, AAVE, etc. Some application projects have shown amazing revenue growth multiples, such as ARB (401 times) and KMNO (454 times), far exceeding many infrastructure projects.
Syncracy believes that while infrastructure assets at the core of the smart contract ecosystem (such as ETH and SOL) may retain a store of value premium, multiples for non-monetary infrastructure assets (such as L2 tokens) may compress over time. The market has not yet fully recognized this reality, and as capital flows out of non-monetary infrastructure, leading applications are ready to be repriced from now on.
Syncracy predicts that a tipping point may be coming soon where applications will take a larger share of the global blockchain fee pool and outperform most infrastructure. [Original link]
