Chemistry vs compatibility

I'm a student in university right now. I realized that many long-term couples eventually lose the initial excitement, butterflies, or "in love" feeling. Yet a lot of them stay together and build successful relationships because they're compatible in the ways that matter—shared values, similar goals, mutual respect, and the ability to work through problems as a team.

Do you think compatibility is ultimately more important than chemistry? Or is chemistry necessary to keep a relationship alive in the long run?

For those in long-term relationships, have you found that chemistry fades while compatibility remains, or do you think both are equally important?

Some would say a relationship that is compatible without the chemistry is just a friendship. DO you agree?