1. Core conclusion of the data: As of September 25, 2024, the revenue from blockchain application projects has surpassed that of most infrastructure projects, marking the maturation of the industry ecosystem.

2. Project Revenue Pattern:
- Top-tier infrastructure is still leading, with ETH, SOL, and TRX being the three highest-yielding infrastructure projects;
- Some application projects (such as Pump, MKR) followed closely behind, and the returns from application projects like ARB (401x), KMNO (454x) have increased remarkably, surpassing long-tail infrastructure projects such as LDO, JUP, and AAVE.

3. Asset Value Assessment:
- Core infrastructure assets of smart contract ecosystems such as ETH, SOL, etc., may still retain value storage premiums;
- The yield multiples of L2 tokens and other non-monetary infrastructure assets may compress over time, and the current market has not fully recognized this reality.

4. Trend Prediction and Turning Point Judgment:
Future capital may flow out of non-monetary infrastructure, leading applications will initiate repricing; application-based projects are expected to capture a larger share of the global Blockchain fee pool, and returns will continue to surpass most infrastructure, signaling an industry inflection point is approaching.