According to TechFlow, the latest data compiled by investment firm Syncracy shows that as of September 25, 2024, the revenue of blockchain application projects has exceeded that of most infrastructure projects, indicating that the blockchain ecosystem is maturing.

Ethereum (ETH), SOL, and TRON (TRX) are still the top three infrastructure projects with the highest returns, followed by some application projects such as Pump and MKR. Although the top infrastructure projects are still in the lead, the returns of several application projects have exceeded those 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, with applications taking a larger share of the global blockchain fee pool and outperforming most infrastructure.