PANews reported on November 29th that QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that he will not short L1 tokens, but he cannot convince himself that they are "great investments." However, L1 tokens are not "bad investments" either, as there are thousands of assets to choose from, and some high-quality assets can always be found. QwQiao claimed that every asset he currently holds has a sustainable competitive advantage and operates in an exponentially growing field. QwQiao previously pointed out that L1 tokens lack a moat, are easily commoditized, and are difficult to capture meaningful value, suggesting that betting on the application layer may be the way out.PANews reported on November 29th that QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that he will not short L1 tokens, but he cannot convince himself that they are "great investments." However, L1 tokens are not "bad investments" either, as there are thousands of assets to choose from, and some high-quality assets can always be found. QwQiao claimed that every asset he currently holds has a sustainable competitive advantage and operates in an exponentially growing field. QwQiao previously pointed out that L1 tokens lack a moat, are easily commoditized, and are difficult to capture meaningful value, suggesting that betting on the application layer may be the way out.