The 'monetary premium' of Layer 1 (L1) tokens like Ethereum (ETH) and Solana (SOL) is diminishing as stablecoins gain traction in on-chain transactions. Users are increasingly opting for stablecoins such as USDC and USDT, which now surpass L1 tokens in transaction volume and usage on platforms like Uniswap and Solana. This trend is driven by the enhanced liquidity and user experience offered by stablecoins, making them the preferred medium of exchange in blockchain ecosystems.