you're in the top 0.01% of my mindshare

This is a crypto newsletter roundup, not a single news story, and its central point is that application-layer tokens and social products are capturing value that L1 chains may not. The newsletter argues that when successful apps launch their own tokens and denominate markets in them, L1s risk becoming settlement infrastructure rather than monetary assets, citing Yominet's daily fees exceeding those of a long list of chains per DefiLlama's 24-hour fees page. It also covers Noice, a Farcaster economic layer for micro-tips and paid engagement, Cookie's $COOKIE token, which surged 80%+ after its Snaps launch with a market cap of about $125M versus Kaito's roughly $550M, and Mike Bodge's AUX, a link-curation app where posting costs five attention tokens.