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Yep, we saw the same thing during the dotcom era. Cisco reached a $500B+ valuation because everyone thought it's the infrastructure bet on the Internet, while Amazon and eBay had about 20X lower valuations. Plus many of the companies used accounting tricks to pump the numbers, kind of like L1s and L2s do today. There's a good article about this period: https://www.fabricatedknowledge.com/p/lessons-from-history-the-rise-and Re: protocols being interchangeable, I think it's true to a degree. It's true for all these centralized and fast chains like BSC, SOL and many L2s. But for DeFi the trust assumptions matter - that's why a lot of high ticket DeFi is still done on Ethereum Mainnet.