the total addressable market (TAM) for interoperability protocols is every asset in the world. the TAM for any single blockchain is probably limited to one asset class. this is because most blockchains aren’t general-purpose economic layers like we usually think of them. instead, they’re vessels for specific assets or asset types. and what we’re seeing now is the beginning of a new phase: asset rollups becoming the dominant meta. not app-specific rollups. app-specific puts cart before horse i think most of the time. talked to @ayyyeandy about this today. you already see these asset-chains L2s with Plasma, Ethena’s Converge, Ondo Chain. they will revolve around the usage and network effects of a specific asset class (LSTs, treasuries, stablecoins) which then enables a new generation of apps to emerge around them. the appchain is dependent on its asset expertise, not the other way around. this applies at the L1 level too. if your L1 gas token is sufficiently differentiated to act as money (eth) or to secure some weird subset of value (btc) it will attract unique. anyways this brings us full circle to interop.if chains are increasingly organized around assets then interoperability becomes pretty much inseperable from crypto as the only way for forex to work and for value to move (because each asset type will likely find its own homechain, rather than be everywhere). when this is the case, packets move even more than they currently do, as rebalancing, swapping, moving chains etc happens for each asset transfer type (forex) rather that when application logic is initiation (in the current appchain interop world which is actually somewhat limited). in general, the TAM for interop is everything token related. i guess the second order effect also means that chains without an asset moat -- whether t-bills, stablecoins, IP, or some gas token that ppl love (eth/hype/sol)-- will get squeezed out. it is not enough to have just an app. you need an asset.