Bitwise CIO Disputes Commoditization of Layer 1 Blockspace

Bitwise CIO Matt Hougan has challenged the notion that Layer 1 blockspace is a commodity, citing evidence of institutional behavior on top-tier chains. According to Hougan, if infrastructure were truly commoditized, capital and development would be evenly distributed across different blockchain networks.

However, he notes that most of the institutional building activity is concentrated on a few prominent chains such as Ethereum and Solana, which continue to dominate mindshare, liquidity, and developer attention. This concentration of interest contradicts the idea that Layer 1 blockspace has become a commodity.