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, user behavior is principally governed by the tokens themselves In the near term, this suggests that the blockchain that wins will be the blockchain that is the leader with respect to “desirable tokens”