Jamie Coutts, founder of Heliao Analytics, explained that "since the birth of Ethereum, a phenomenon has persisted for the past 10 years where the top 5 chains account for over 90% of the entire market in terms of revenue and activity," and added that "this winner-take-all phenomenon will not be reversed, and will grow even stronger through compounding." He then quoted Raoul Pal, founder of Real Vision, stating that "on-chain activity is concentrated on a few chains, and these chains are becoming the settlement layer for the next stage, where billions of AI agents will transact at machine speed."
