Ethereum

Bitcoin mining is already a duopoly, and it’s only getting worse.

Economies of scale and shrinking rewards push everyone out except the top two. Soon, only they’ll decide what gets added to the Bitcoin chain.

The rest will pivot. Ethereum is the endgame.

I happened to talk about it this morning in a reply: the Pareto principle: 80% of outcomes come from 20% of causes.

And these are two great examples: a small group of PoW miners or PoS validators are responsible for most of the mining or validator power.

PoW has an incentive to cluster because collaboration stabilizes income. This isn't necessary with PoS. Consequently, there are fewer groups in PoW.

Btw, there are sufficient market-driven arguments to explain why it will not actually become a duopoly.