One can often hear:
«Why does capital go there?»
The answer is sought in news or narratives, but the real reason often lies deeper — in the architecture of the market.
Cognitive error — to consider assets in isolation.
Capital does not choose the ‘best token’; it chooses the infrastructure that withstands the load, scales, and allows for effective liquidity management.
Smart money moves through architectural filters.
During growth periods, activity flows to where fees are lower, execution is faster, and the system is more resilient. This is why L2, ZK solutions, and scalable L1 come into focus.
Where is this visible?
The growth in on-chain activity, the increase in fees on base layers, the shift in volumes to overlays, and which networks remain stable under peak loads. Price merely reflects the outcome of these processes.
### Output
Smart money reads the market through architecture.
They choose not promises, but the ability of the system to operate under real conditions.
Understanding this turns chaotic capital movement into a readable structure.
