@jumpyjackrabbit
At the same time, the term "appchain" has become a buzzword. Numerous DeFi products have launched their own public blockchains. In theory, appchains allow projects to simultaneously control both product logic and the underlying settlement layer, improving their ability to capture fees. However, the reality is a stark contrast:
A few successful cases , such as Hyperliquid, have formed differentiated advantages in user experience and cost generation with their complete technology stack and extreme performance.
Most projects, however, are stuck in a rut , lacking the ecosystem and network effects of high-performance L1s, nor the clear user market and real demand of mature dApps. As a result, the capital narrative often outweighs the actual value, making it difficult to go far.
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