"Every company is launching a chain." 1. Blockspace is now abundant 2. Consumers willing to trade decentralization for super cheap / fast blockspace (with ability to exit via bridging). 3. Wallets are making cross-chain UX something consumers don't have to think about. 4. Selling blockspace is a good business if you can get scale. 5. So companies with distribution will want to launch blockchains (L1 vs. L2 matters less if they have the distribution). 6. Hard part is getting developers to build on it -- but if you have distribution to consumers / businesses with your existing platform, developers will show up. 7. Liquidity is a scale effect, not a network effect, i.e. more liquidity means better prices, but liquidity is more mercenary / portable. 8. Same applies to stablecoins.