Do Stripe, Circle L1s refute the Solana thesis?

Key Points

1. Stripe and Circle are launching their own EVM-based L1 blockchains (Tempo and Arc), which may undermine Solana's vision of a single, scalable blockchain.

2. Circle's use of USDC for gas fees and Stripe's focus on minimizing fees could threaten Ethereum's role as the primary blockchain for stablecoins.

3. The pseudonymous co-founder of Spire Labs suggests that big companies launching L1s is a rejection of both the L2 and Solana theses.

4. Helius CEO Mert Mumtaz disputes this view, comparing it to an illogical argument about personal preferences.

5. The article questions whether these new L1s will benefit Ethereum (ETH) as an asset, given their lack of a clear value accrual mechanism for ETH.