Honestly very confused by this choice @collision @patrickc. Feels like Libra all over again. You can eat your cake and have it too by building an L2 on Ethereum. The largest enterprises, banks, fintechs, and so many others are already building on Ethereum. Developers are used to it and there's an enormous amount of tooling and infrastructure you get right out of the box. You can still have your own chain with whatever rules you want except it's orders of magnitude easier and cheaper to operate. You'd have access to many millions of users, hundreds of billions (and soon trillions) in assets, and an ecosystem committed to decentralization, security, scalability, and permissionless access. In 2019 it would have made sense to do an L1 but it's 2025 now and time has shown it's not a wise choice. The L2 ecosystem on Ethereum is only getting better and rollups will soon have real time interoperability while being able to scale to hundreds of thousands (and later millions of TPS). An L1 is no longer competitive. Don't make the same mistake so many others have already made.