When you take the “who owns the end user?” question to its logical end, it’s not blockchains nor apps, but rather the tokens themselves that own the end user A simple thought experiment proves this: why do you use one blockchain over another? It’s not because of the chain itself. I’d also argue it’s not because of the apps. Irrespective of a handful of truly differentiated apps (eg Polymarket), all of the low hanging primitives — spot DEXs, perp DEXs, lend/borrow etc — look the same across every chain Instead, the reason I use Solana is simply because Solana has tokens that I want to trade that Ethereum doesn't. And as soon as I want to trade AAVE or MKR, I'll use Ethereum. And if Base has a token I like, I'll use Base In other words, in a world where the principal goal of on-chain users is simply to make money, user behavior is ultimately governed by the atomic vehicle that makes this possible – tokens In the near term, this suggests that the blockchain that wins will be the blockchain that is the leader with respect to “desirable tokens”