Foresight said public blockchains, from Arbitrum to MegaETH, are increasingly stepping in to build applications themselves rather than staying limited to base-layer infrastructure. The core point in the brief is that liquidity has become the only real moat in the market. At the same time, the gap between blockchain revenue and application revenue continues to widen. The note frames this shift as part of a broader change in how chain teams position themselves inside the crypto stack, with competition no longer confined to infrastructure alone. Instead, application ownership and direct participation are becoming more central to strategy. The source did not provide additional figures or a longer breakdown, but it highlighted Arbitrum and MegaETH as examples in this trend.
Foresight said public blockchains, from Arbitrum to MegaETH, are accelerating a shift toward building applications themselves.
The brief’s central argument is that liquidity has become the only moat, while the gap between blockchain revenue and application revenue continues to widen.
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