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ultimately, ETH is chicken-and-egg for network security. if L1 isn't the critically secure basis of future applications (even if they just juggle between rollups), it's really hard to see "WW3-resistant state" as a monetary hedge.
imho, RE & gigs are the two forks of "cash-positive" business. one has equity, and the other should as well. 11x valuation on a based L+ w/ gigagas seems like nothingburger. if we demonstrate a closed-loop surplus on property with equity, then compound that by network security into perpetuity, then I think the intergenerational SoV can be tokenized, which Bitcoin can't do to the same extent.
atm, it's encumbered in a way that a VCchain's culture can capitalize on more futureproofing at the application layer. it seems pretty clear that ETH-native VCs have overindexed on spendthrift picks & shovels, so I'm kind of waiting for a BNB/Tron-shaped shoe to drop where there's significantly less red tape, lifestyle creep, & unsaturated market. 1 reply
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all DAOs should have some active treasury management on L1 (the "autonomous" part), otherwise they're just an onchain corporation moving at the speed of...government.
I could see blackrock, van eck, citadel pushing an appchain, after all, they're in the business of orderflow (maybe evgeny helps, idk). then again, Uniswap is swooping in w/ hooks on v4, so permissioned DEX might work for all parties.
but how cooked would we be if ETH reduced to L1 pumpdotfun for boomers, with everything else rentseeking on a wealth effect? that's unsettling to me.
internet culture has roots in FAFO culture beforehand (e.g. hands across america, silicon valley, etc). /farcasterfridays is a good start, but eventually they'll be makerspaces. needs some sort of ego ⇋ curiosity step function. 1 reply
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