$DAPP - Applications built on blockchain networks are expected to capture the majority of cash flows in the long run, suggesting significant value potential in the app layer of the crypto ecosystem.
$ETH - Ethereum's strategy with Layer 2 solutions could strengthen its position as a store of value and widely used asset, despite giving up some cash flows to L2s.
Bearish:
$ZOMBIE - Cryptocurrencies with high market caps but low real economic activity ('zombie chains') are likely overvalued and vulnerable to decline.
$POW - Proof-of-Work systems are seen as economically less favorable for token holders compared to Proof-of-Stake, potentially leading to a decline in PoW networks.