The conventional wisdom around L1 protocols suggests they're the ultimate value aggregators, leaving ecosystem projects fighting over scraps. But the numbers don't always play out that way.

Take $EPIC as a case study. Most layer-1 analysis overlooks how certain ecosystem tokens can actually outperform their parent chains in value capture metrics. The data tells a different story than the typical "fat protocol" narrative.

What makes this anomaly interesting? It challenges our assumptions about where actual utility—and therefore value—concentrates. When you dig into the specifics, you'll find ecosystem dynamics are far messier and more nuanced than the thesis suggests.

This isn't financial advice, but it's worth examining the data yourself rather than defaulting to conventional frameworks.