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an hour ago
- Yahoo
The Layer 1 Fallacy: Chasing Premium Without Substance
In financial markets, startups have long sought to market themselves as "tech firms" hoping investors will value them with tech-company multiples. And often, they do — at least for a while. Traditional institutions learned this the hard way. Throughout the 2010s, many corporations scrambled to reposition themselves as technology companies. Banks, payment processors and retailers began calling themselves fintechs or data businesses. But few earned the valuation multiples of true tech firms — because the fundamentals rarely matched the narrative. WeWork was among the most infamous examples: a real estate company dressed up as a tech platform that eventually collapsed under the weight of its own illusion. In financial services, Goldman Sachs launched Marcus in 2016 as a digital-first platform to rival consumer fintechs. Despite early traction, the initiative was scaled back in 2023 after persistent profitability issues. JPMorgan famously declared itself 'a technology company with a banking license,' while BBVA and Wells Fargo invested heavily in digital transformation. Yet few of these efforts produced platform-level economics. Today, there's a graveyard of such corporate tech delusions — a clear reminder that no amount of branding can override the structural constraints of capital-intensive or regulated business models. Crypto is now confronting a similar identity crisis. DeFi protocols want to be valued like Layer 1s. Real-world asset (RWA) dApps are presenting themselves as sovereign networks. Everyone is chasing the Layer 1 'technology premium.' And to be fair — that premium is real. Layer 1 networks like Ethereum, Solana and BNB consistently command higher valuation multiples, relative to metrics like Total Value Locked (TVL) and fee generation. They benefit from a broader market narrative — one that rewards infrastructure over applications, and platforms over products. This premium holds even when controlling for fundamentals. Many DeFi protocols demonstrate strong TVL or fee generation, yet still struggle to achieve comparable market capitalizations. In contrast, Layer 1s attract early users through validator incentives and native token economics, then expand into developer ecosystems and composable applications. Ultimately, this premium reflects Layer 1s' capacity for broad native token utility, ecosystem coordination and long-term extensibility. Furthermore, as fee volume grows, these networks often see disproportionate increases in market capitalization — a sign that investors are pricing in not just current usage, but future potential and compounding network effects. This layered flywheel, moving from infrastructure adoption to ecosystem growth, helps explain why Layer 1s consistently command higher valuations than dApps, even when underlying performance metrics appear similar. This mirrors how equity markets distinguish platforms from products. Infrastructure companies like AWS, Microsoft Azure, Apple's App Store or Meta's developer ecosystem are more than service providers — they are ecosystems. They enable thousands of developers and businesses to build, scale and interact. Investors assign higher multiples not just for present revenues, but for the potential to support emergent use cases, network effects and economies of scale. By contrast, even highly profitable SaaS tools or niche services rarely attract the same valuation premium — their growth is constrained by limited API composability and narrow utility. The same pattern is now playing out among large language model (LLM) providers. Most are racing to position themselves not as chatbots, but as foundational infrastructure for AI applications. Everyone wants to be AWS — not Mailchimp. Layer 1s in crypto follow a similar logic. They're not just blockchains; they're coordination layers for decentralized computation and state synchronization. They support a wide range of composable applications and assets. Their native tokens accrue value through base-layer activity: gas fees, staking, MEV and more. Crucially, these tokens also serve as mechanisms to incentivize developers and users. Layer 1s benefit from self-reinforcing loops — between users, builders, liquidity and token demand — and they support both vertical and horizontal scaling across sectors. Read the full article here. Most protocols, by contrast, are not infrastructure. They are single-purpose products. So adding a validator set doesn't make them Layer 1s — it simply dresses up a product in infrastructure optics to justify a higher valuation. This is where the appchain trend enters the picture. Appchains combine application, protocol logic and a settlement layer into a vertically integrated stack. They promise better fee capture, user experience and 'sovereignty.' In a few cases — like Hyperliquid — they deliver. By controlling the full stack, Hyperliquid has achieved rapid execution, excellent UX and meaningful fee generation — all without relying on token incentives. Developers can even deploy dApps on its underlying Layer 1, leveraging its high-performance decentralized exchange infrastructure. While its scope remains narrow, it offers a glimpse of some level of broader scaling potential. But most appchains are simply protocols trying to rebrand, with little usage and no ecosystem depth. They're fighting a two-front war: trying to build both infrastructure and a product simultaneously, often without the capital or team to do either well. The result is a blurry hybrid — not quite a performant Layer 1, and not a category-defining dApp. We've seen this before. A robo-advisor with a slick UI was still a wealth manager. A bank with open APIs was still a balance-sheet business. A coworking company with a polished app was still just renting office space. Eventually, the hype wears off — and the market reprices accordingly. RWA protocols are now falling into the same trap. Many are positioning themselves as infrastructure for tokenized finance — but without meaningful differentiation from existing Layer 1s, or sustainable user adoption. At best, they are vertically integrated products with no compelling need for a sovereign settlement layer. Worse, most haven't achieved product-market fit in their core use case. They bolt on infrastructure and lean into inflated narratives, hoping to justify valuations their economics can't support. So what's the path forward? The answer isn't to fake infrastructure status. It's to own your role as a product or service — and execute it exceptionally well. If your protocol solves a real problem and drives meaningful TVL growth, that's a strong foundation. But TVL alone won't make you a successful appchain. What matters most is real economic activity: TVL that drives sustainable fee generation, user retention and clear value accrual to the native token. In addition, if developers build on your protocol because it's genuinely useful — not because it claims to be infrastructure — the market will reward you. Platform status is earned, not claimed. Some DeFi protocols — like Maker/Sky and Uniswap — are following this path. They're evolving toward appchain-style models that improve scalability and cross-network access. But they're doing so from a position of strength: with established ecosystems, clear monetization and product-market fit. In contrast, the emerging RWA space has yet to demonstrate durable traction. Nearly every RWA protocol or centralized service is rushing to launch an appchain — often backed by fragile or untested economics. As with leading DeFi protocols transitioning towards an appchain model, the best path forward for RWA protocols is to first leverage existing Layer 1 ecosystems, build user and developer traction that leads to TVL growth, demonstrate sustainable fee generation and only then evolve toward an appchain infrastructure model — with a clear purpose and strategy. Therefore, in the case of an appchain, the utility and economics of the underlying application must come first. Only once these are proven does a transition to a sovereign Layer 1 become viable. This stands in contrast to the growth trajectory of general-purpose Layer 1s, which can initially prioritize building a validator and trader ecosystem. Early fee generation is driven by native token transactions, and over time, cross market scaling broadens the network to include developers and end users — ultimately driving TVL growth and diversified fee streams. As crypto matures, the fog of storytelling is lifting, and investors are becoming more discerning. Buzzwords like 'appchain' and 'Layer 1' no longer command attention on their own. Without a clear value proposition, sustainable token economics and a well-defined strategic trajectory, protocols lack the foundational elements required for any credible transition to true infrastructure. What crypto needs — especially in the RWA sector — isn't more Layer 1s. It needs better products. And the market will reward those who focus on building exactly that. Figure 1. Market Cap vs TVL for DeFi and Layer 1s Figure 2. Layer 1s are clustered around higher fees and dApps around lower fees Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Sana Biotechnology Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants
SEATTLE, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Sana Biotechnology, Inc. (Nasdaq: SANA) ('Sana'), a company focused on changing the possible for patients through engineered cells, today announced that it has commenced an underwritten public offering of $75.0 million of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. In addition, Sana intends to grant the underwriters a 30-day option to purchase up to an additional $11.25 million of shares of its common stock. All of the shares of common stock and pre-funded warrants to be sold in the proposed offering will be sold by Sana. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering. Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, and TD Cowen are acting as joint book-running managers for the proposed offering. The proposed offering is being made pursuant to a Registration Statement on Form S-3, including a base prospectus, previously filed with and declared effective by the SEC, and Sana will file a preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering, copies of which can be accessed for free through the SEC's website at When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering may also be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at prospectus@ Goldman Sachs & Co. LLC, Attn: Prospectus Department, at 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ BofA Securities, Attn: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001 or by email at or TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846 or by email at This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction. About Sana Biotechnology Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients. Sana has operations in Seattle, WA, Cambridge, MA, and South San Francisco, CA. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements about Sana Biotechnology, Inc. (the 'Company,' 'we,' 'us,' or 'our') within the meaning of the federal securities laws, including those related to the completion, timing, and size of the proposed offering and our intent to grant the underwriters a 30-day option to purchase additional shares. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including but not limited to: whether or not we will be able to raise capital through the sale of securities or consummate the offering; the final terms of the offering; the satisfaction of customary closing conditions; prevailing market conditions; general economic and market conditions as well as geopolitical developments; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled 'Risk Factors' in documents that we file from time to time with the Securities and Exchange Commission, including the registration statement and the preliminary prospectus supplement relating to the proposed public offering. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations & Media: Nicole in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Will JPMorgan take a bigger bite of Apple?
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Banking giant JPMorgan Chase may have more than just cards in mind if it's bidding to take over tech behemoth Apple's credit card portfolio. The nation's largest bank is likely looking to make inroads in servicing other Apple products, and market in other ways to Apple Card users as it tries to wrest control of the card portfolio from rival Goldman Sachs, according to consultants who follow the credit card industry. "This could be an opportunity for them to have a really compelling digital bank solution that appeals to the users of Apple Pay and the Apple card base [which is] more of a younger millennial target market," said Tom Bell, senior advisor at the consulting firm AlixPartners. David True, a partner at the consulting firm PayGility, agreed. 'All of a sudden, they'll have a much bigger customer base that they can pitch their products to,' he said. JPMorgan is in advanced talks to become Apple's new credit card partner, the Wall Street Journal reported on July 29, citing unnamed people familiar with the negotiations. No deal has been finalized, according to the Journal. Goldman Sachs holds about $20 billion in Apple Card balances, the newspaper reported. Spokespeople for Goldman Sachs, Apple and JPMorgan declined to comment. Apple's annual revenue from its card business amounts to $50 million, according to analysts at Baird. That's equal to a comparatively small portion of New York City-based JPMorgan's annual revenue, which was $177.56 billion for 2024, according to its annual report. But if JPMorgan succeeds in taking over the Cupertino, California-based tech giant's credit card business, it will have access to demographic data on millions of Apple Card users, True suggested. The bank could then use that information to market its banking products to a slew of potential new customers, he said. Apple has data on its customers that a new partner could use to better pitch new products and services, True explained. The tech company said in January 2024 that it had 12 million Apple Card users. "The Apple demographic is pretty well-known," True said. JPMorgan has "myriad products, and now they've got many millions more customers who have Apple iPhone demographics and they can see what else those customers would be interested in." JPMorgan is likely eyeing other parts of Apple's business, such as the digital wallet Apple Pay, said Richard Crone, chief executive of the payments advisory firm Crone Consulting. "Winning the Apple card portfolio would give Chase a back door to Apple Pay's wallet rails," he said. That's a potentially lucrative piece of business considering the hundreds of millions of people who use the digital wallet, Crone said. Apple Pay had an estimated 65.6 million users in the U.S. and 616 million globally in 2024, according to research from bank card issuer Capital One. Recommended Reading Visa, Mastercard have edge over Amex for Apple: analyst Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
