If a big company builds a chain, who can make money? ｜In-depth dismantling of ARB, AVAX and OP｜Opportunities and pitfalls of application chain｜EP33

Original author：南宫交易日记

Original source：https://www.youtube.com/embed/zFrLYlRyNx4

Why do big companies build their own chains? Behind Appchain, how do ARB, AVAX, and OP benefit from the tokens? This issue compares ARB, AVAX, OP, CC, SKL, and uses ERA and DOT as comparisons to break down the fees, repurchases, destruction and dilution risks of the institutional chain. Just because an institution uses your technology doesn't mean it will buy your coins. Even if the project receives service fees, it does not mean that the currency holders receive profits. So, who is making money in the business of “selling shovels”? ━━━━━━━━━━━━━━━━ 🏗️ Why do big companies want to have their own chains? ━━━━━━━━━━━━━━━━ Privacy and permissions, exclusive capacity, fee arrangements, upgrade rules... What enterprises want to master is business autonomy, not just cheaper transaction fees. But having your own chain also entails the costs of security, operation and maintenance, and liquidity. Is building a chain an advantage, or is it another long-term expense? In this issue, we will first explain the needs and then study the tokens. ━━━━━━━━━━━━━━━━ 🔍 7 projects, 7 key questions ━━━━━━━━━━━━━━━━ 🔹 ARB｜Arbitrum’s authorized share goes into the community treasury. How can it truly benefit ARB? Why can’t it just be treated as a “fixed dividend coin”? 🔹 AVAX｜Avalanche (Avalanche) How much ongoing payment can the organization build an exclusive chain to bring? Does the increase in the number of chains equal a simultaneous increase in token demand? 🔹 OP｜Optimism After repurchasing, what else should I look at? Funding sources, scope of application and continuous execution, none of them can be skipped. 🔹 CC｜Canton is destroyed and issued at the same time. How to judge whether the supply is decreasing or still increasing? 🔹 SKL｜Behind the destruction of SKALE, is it paid by external customers or is it a project subsidy? What changes will the issuance adjustment proposal bring? 🔹 ERA｜Caldera’s small circulating market capitalization plus historical reserve purchases, why is it not enough to prove undervaluation? How does the subsequent pressure release compare? 🔹 DOT｜Polkadot (Polkadot) Coretime already has a charging mechanism, but are the actual sales and renewals sufficient to support business scale? ━━━━━━━━━━━━━━━━ 💡 After reading this issue, take away a set of currency selection framework━━━━━━━━━━━━━━━━ Real adoption→ Continuous charging → Token benefit → Fight against dilution We don’t just ask “who has more partners”, but continue to ask: Are customers willing to pay in the long term? Whose account did the money go into? What do tokens benefit from? Can these demands keep up with new supply? Collaboration lists are not cash flow. The presence of repurchase does not mean permanent destruction; the presence of destruction does not automatically equal net deflation. What you are studying is business, what you are buying is tokens - the line in the middle must be checked clearly. ━━━━━━━━━━━━━━━━ 📚 Data timing and contract verification━━━━━━━━━━━━━━━━ This issue follows the research snapshot of September 26, 2026, and is not a real-time quote at the time of viewing. Project information, governance discussions and data sources can be found in the footer and notes of the video PPT. Disclosed execution, proposals, scenario calculations and unverified matters are handled separately, and the subsequent status may change. See P08 for the general list of contract identities. Before trading or transferring, please double-check the network and contract address from the project's official portal, and do not regard packaged assets or tokens with the same name as native coins. ━━━━━━━━━━━━━━━━ 💬 Which project do you think is most likely to turn institutional adoption into real demand for the token? You are welcome to leave "coin name + reason", and you are also welcome to use negative evidence to put forward different judgments. 📺 Nangong | Trader's Diary · EP33 records transactions and also records the logic behind each currency selection. If you like this breakdown from business, cash flow to token equity, please like, subscribe, and follow the project with evidence together with me. ⚠️ Risk warning: This issue is only for personal research and learning sharing. It does not constitute investment advice and does not promise returns. Crypto-assets are subject to price fluctuation, liquidity, contract, governance and issuance risks, and you may lose your principal. Please verify the information independently and make judgments based on your own risk tolerance. #APPchain#Appchain #cryptocurrency#ARB #AVAX #OP