Meme Insider
The crypto Twitter sphere is buzzing again, and this time it's all about the "Great L1 Debate" that just dropped. If you're knee-deep in blockchain like the rest of us at Meme Insider, you've probably caught wind of the epic clash between Haseeb Qureshi, managing partner at Dragonfly Capital, and Santiago Roel from the CounterParty TV crew. This isn't your run-of-the-mill Twitter spat—it's a full-throated, hour-long showdown on whether Layer 1 blockchains are overvalued hype machines or the solid foundations of Web3's future.
Haseeb shared the full video on X, urging folks to skip the bite-sized clips and dive into the real meat: "Don't just watch the clips, we go really deep!" And he's right. With timestamps breaking down everything from L1 moats to why Ethereum hasn't smashed a new all-time high, this debate is a goldmine for anyone trying to make sense of the L1 arms race.
What Sparked the Fire?
It all kicked off with a simple question: Are L1s overvalued? Santiago, pushing a skeptical vibe, argues that many new Layer 1 projects are chasing exponential tech growth without real value capture. Think high fees that don't stick around or networks that fizzle out once the hype dies. Haseeb fires back with the classic network effects play—L1s as digital cities, where early movers build moats through liquidity, users, and composability.
Hosted by Threadguy on CounterParty TV, the debate feels like a throwback to the early Bitcoin vs. Ethereum days, but updated for 2025's wild landscape. No punches pulled, just sharp insights on how to actually value a chain.
Key Highlights: Breaking Down the Timestamps
Here's a quick roadmap to the video's hottest moments—grab your popcorn and jump in:
- 00:00 – Debate Kickoff: The stage is set. Santiago lays out the bear case; Haseeb counters with optimism.
- 03:17 – Are L1s Overvalued?: Core question. Santiago says yes, citing speculative bubbles. Haseeb points to real-world adoption metrics.
- 08:13 – Exponential Tech Argument: Can L1s scale like Moore's Law? Deep dive into tech curves and why they're not just vaporware.
- 12:56 – Fees, Value Capture & Monetization: The money talk. How do chains actually make bank? MEV, tokenomics, and why fees matter more than TVL.
- 18:02 – L1 Moats: What keeps competitors at bay? Security models, dev ecosystems, and that sticky user lock-in.
- 22:39 – How to Value a Chain?: Forget market cap—Haseeb and Santiago hash out DCF models, Metcalfe's Law, and on-chain signals for smart valuation.
- 29:01 – Networks as Cities: Haseeb's killer analogy. L1s aren't apps; they're infrastructure hubs. Build density, or bust.
- 39:55 – New L1s: Tempo, Monad & Competition: Spotlight on risers like Monad—parallel execution wizardry—and Tempo's fresh take. Is the L1 winter over?
- 51:07 – Why Didn’t ETH Set a Meaningful New All Time High?: Brutal reality check. Macro headwinds, scaling delays, or just maturing markets?
- 58:30 – What Would Santiago Do With $100 Million Dollars?: Fun hypothetical: All-in on Solana? ETH L2s? Or something wilder?
- 01:10:02 – User Behavior & Fees: How do real users pay? Gas wars, subsidies, and the UX battleground.
- 01:15:19 – Final Positions & Conclusions: No clear winner, but plenty of ammo for your next Twitter thread.
If you're building on blockchain or just HODLing through the noise, these segments unpack why L1s still dominate the conversation. Pro tip: Monad's high-throughput promises could flip the script on Ethereum's dominance—worth a closer look if you're into next-gen scaling.
Why This Matters for Meme Token Hunters and Builders
At Meme Insider, we're all about spotting the memes that moon, but let's be real: the L1 underneath decides if your token lives or rugs. This debate cuts through the FOMO, reminding us that strong L1s fuel viral ecosystems. Ethereum's L2 boom? Built on that base layer resilience. Solana's meme frenzy? Pure speed moat magic.
Haseeb's city metaphor hits home—meme tokens thrive in bustling "digital downtowns" with low fees and high liquidity. If Santiago's right about overvaluation, we might see a shakeout, culling weak L1s and crowning the kings. Either way, it's a wake-up call: DYOR on your chain's fundamentals before aping in.
Who's Your Champ?
Twitter's split—some crowning the "bald guy" (Santiago's got that vibe), others praising the depth over drama. Drop your take in the comments: Team Haseeb's network gospel or Santiago's valuation hammer? And hey, if this sparks your next trade, tag us @MemeInsider—we're building the ultimate knowledge base for blockchain pros like you.
Watch the full thing here and level up your game. In crypto, debates like this aren't just entertainment—they're your edge.
Stay memeing, stay informed. 🚀
