[Coinbase Head of Research: Dedicated Blockchain Networks Are Rapidly Emerging, Reshaping the Competitive Landscape of Crypto Infrastructure] On December 29, Coinbase Head of Investment Research David Duong stated that dedicated blockchain networks (including L2s, standalone L1s, and application-specific chains) are rapidly emerging and reshaping the competitive landscape of crypto infrastructure. For example, the Arc platform built by Circle focuses on institutional-grade application scenarios centered around USDC; the Tempo network, incubated by Stripe and Paradigm, focuses on cross-border payments and international trade; and the Canton Network is building a private permissioned blockchain environment to unlock institutional capital. Institutions are inclined to launch their own blockchains to maintain control over data sovereignty and compliance environments, and this trend may accelerate in the short term. In the long term, highly customized blockchains will achieve deep composability through interoperability layers, and projects that balance optimization and connectivity may ultimately hold an advantage.