Layer 1 / L1 Sub-Sectors
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The next cycle won’t be led by chains racing to 100,000 TPS. It’ll be driven by focused, composable applications that prioritize usage over architecture, and sustainability over speculative hype. The winners will be those who sit closest to where demand originates – not where blocks get finalized.

Story Protocol: Does IP Need a Chain?
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Story Protocol offers an exciting, forward-thinking vision for intellectual property management in an AI-driven, digital economy. Rather than extending outdated legacy systems, Story takes a bold leap by developing a specialized layer-1 designed to address modern IP challenges like attribution, royalty distribution, and licensing—areas where other solutions frequently fall short. Nevertheless, meaningful challenges remain. Opting for a dedicated chain involves inherent trade-offs, particularly around adoption, integration, and user experience compared to simpler and more familiar general-purpose platforms. Ultimately, Story’s architecture must convincingly justify these trade-offs by clearly demonstrating intuitive usability, genuine creator engagement, and tangible operational benefits.

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Celestia has the tech and the thesis. What it doesn’t have is validation. It needs one breakout rollup, one app with traction and DA needs big enough to matter. That’s what turns the narrative into fees, and fees into value. If crypto is shifting toward a fundamentals-based valuation model like TradFi, this is what will ultimately matter. If that happens, $TIA becomes a high-leverage bet on bandwidth scale. If not, it’s just another subsidized token with nothing real behind it.

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EVM chains have forever been optimizing for scalability but have always lagged behind alt VM chains like Solana, Sui, and Aptos when it comes to throughput and latency. But now we have a lineup of several EVM L1s and L2s that are breaking past 10,000 (Theoretical TPS) and reaching beyond 100,000 (TTPS) with milliseconds block times. Most chains are scaling their giga gas/s, choosing a more capable DA layer, and optimizing their DB for improved state access and controlled state growth.

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If the appchain thesis holds and every major app launches its own L2, they’ll need more than just pure infra; they’ll need a full-stack solution. This is where Initia steps in—offering customization without the usual downsides thanks to having an opinionated view of how a multi-chain system should evolve. Token, bridging, oracle standards and more are all how Initia creates a unified & aligned "interwoven" ecosystem of appchains, avoiding many of the common pitfalls we've seen in the past.

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Our premier publication of Delphi and The Tie’s Institutional Accelerator is a deep dive into Sui Network. In this report we cover the tech stack, token economics, and the ecosystem around Sui.
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