ChainCatcher news, according to data compiled by the investment firm Syncracy, as of September 25, the returns of blockchain application projects have surpassed those of most infrastructure projects, marking a maturation of the blockchain ecosystem. While top infrastructure projects still lead, several application projects have outperformed long-tail infrastructure projects such as LDO, JUP, and AAVE. Some application projects have shown astonishing returns, such as ARB (401 times) and KMNO (454 times), far exceeding many infrastructure projects.Syncracy believes that the era of applications has arrived, with many applications surpassing infrastructure. On leading platforms like Ethereum and Solana, numerous applications have generated 8-9 figure revenues and are growing at a three-digit annual rate. The trading prices of applications are still much lower than those of infrastructure, with the average trading price of infrastructure being about 300 times higher than that of applications. While infrastructure assets at the center of smart contract ecosystems like ETH and SOL may retain a value storage premium, the trading multiples of non-monetary infrastructure assets like L2 tokens may compress over time. The market has yet to fully recognize this reality, and as capital flows out of non-monetary infrastructure, the prices of leading applications will rise again.Syncracy predicts that applications will capture a larger share of the global blockchain fee pool and that their returns will exceed those of most infrastructure, which could be a turning point on the horizon.