TechFlow news, according to the latest data compiled by investment firm Syncracy, as of September 25, 2024, blockchain application projects have outperformed most infrastructure projects, signaling the maturation of the blockchain ecosystem.
Ethereum (ETH), SOL, and Tron (TRX) remain the top three highest-earning infrastructure projects, followed closely by application projects such as Pump and MKR. While leading infrastructure projects still maintain their lead, multiple application projects have already surpassed long-tail infrastructure projects like LDO, JUP, and AAVE in earnings. Some application projects have demonstrated astonishing return multiples, such as ARB (401x) and KMNO (454x), far exceeding many infrastructure projects.
Syncracy believes that while core infrastructure assets within smart contract ecosystems (such as ETH and SOL) may retain a value-storage premium, non-monetary infrastructure assets (such as L2 tokens) could see their valuation multiples compress over time. The market has not yet fully recognized this reality, and as capital flows out of non-monetary infrastructure, leading applications are poised for repricing from now on.
Syncracy predicts that applications will capture a larger share of the global blockchain fee pool and generate higher returns than most infrastructure projects, potentially marking an imminent turning point.
