Solana handles $1.5T in transactions and only earns $600M , but Jupiter, a single app, has repurchased $57.9M worth of JUP. This comparison made me rethink who L1 is really making money from. At Consensus HK, four Solana OGs collectively said that the next phase is not memes but application layer. Jupiter has expanded from an aggregator to lending + stablecoins + prediction markets. $3B TVL Backpack is using the FTX EU license for compliance. L1 is the highway; the ones making money are the cars on the road.