The image highlights that crypto applications are out-earning chains, with HYPE and PUMP showing significantly lower Mkt Cap/Fees and FDV/Fees ratios compared to L1s like SOL and AVAX, suggesting potential value in app-layer investments. Specifically, HYPE and PUMP have Mkt Cap/Fees of 8.9x and 2.1x respectively, and Mkt Cap/Revenue of 9.5x and 4.5x, indicating strong earnings relative to their market capitalization. This data, current as of 12/09/2025, implies a shift in value from infrastructure to application layers.