There's an increasing view in crypto that L1 blockspace is a commodity. I wonder if that's wrong.

Infrastructure will be commoditized if it's a commodity. But that's not actually the behavior we're seeing with Layer 1s right now. Instead, we're seeing the vast majority of institutional building taking place on very few chains (Ethereum, Solana, etc.) with basically zero interest in building on the twentieth largest L1.

A simpler explanation is that top-tier L1s built more bandwidth than the market can use at the moment, so fees are rock-bottom. The real question is what happens when demand scales as stablecoins/tokenization/DeFi grow into the trillions. I'm not sure we know the answer yet.