Luca Netz has expressed a contrarian view on the value accrual of blockchain tokens, suggesting that applications on a blockchain no longer significantly increase the token's value. Netz pointed to Polygon as an example, indicating that despite its robust ecosystem, the token's value did not see proportional growth. Similarly, he noted that Solana, despite high activity levels, experienced only nominal token value accrual. This perspective challenges the traditional belief that increased activity and application development directly enhance a blockchain's token value.