Is the L1 trade dead?

Is the L1 trade dead? Solana vs Ethereum, DeFi’s Return & Crypto’s Next Phase | Ryan Watkins

00:00 Introduction to the Crypto Landscape
01:31 Rapid Fire Insights on Crypto’s Evolution
03:31 The Decline of Layer 1 Narratives
05:29 Solana vs. Ethereum: The Future of Layer 1s
09:36 Key On-Chain Metrics for Evaluating L1s
12:18 Understanding Institutional Crypto Adoption
18:05 The Future of DeFi and Regulatory Impacts
24:43 Current Risks in the Crypto Market
28:16 The Quantum Computing Threat
30:54 Transitioning Crypto Landscape
35:20 The Future of Crypto: Predictions for 2026
48:50 Final Thoughts and Industry Outlook

Join us as we sit down with Ryan Watkins, Co-Founder of Syncracy Capital, to unpack the evolving crypto landscape. We explore why the Layer-1 trade may be ending, how Solana and Ethereum are positioned for the next cycle, and why DeFi could be set for a resurgence as regulation and investor protections improve. Ryan also shares how institutions evaluate crypto, the on-chain metrics that matter most, and key risks ranging from macro uncertainty to the long-term implications of quantum computing. The episode closes with forward-looking predictions for 2026 and crypto’s shift toward real utility, sustainable business models, and institutional-grade infrastructure.

The world of crypto never sleeps and neither do the conversations that shape its future. Off the Block is hosted by Darius Moukhtarzadeh and Maximiliaan Michielsen, both members of the 21Shares research team and passionate explorers of the Web3 frontier. Each episode, we invite the builders, thinkers, and innovators behind the hottest projects in the crypto space to join us for public permissionless discussions.

From DeFi to Bitcoin, Ethereum to the latest Layer-1s, and stablecoins to tokenized assets, we dive deep into the trends and technologies that are changing how we invest, trade, build, and interact online. Expect candid takes on regulation, market shifts, tokenomics, and the cultural movements driving adoption.

Our goal is simple: to bring you closer to the people shaping tomorrow’s decentralized world. Whether you’re a seasoned crypto native or just beginning your journey, Off the Block offers insights, stories, and perspectives that cut through the noise and help you understand what really matters.

Tune in and join the conversation because the future of finance, the internet, and communities is being built off the block.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.