@kenny
"Vitalik is pointing out that much of Ethereum's historical fee revenue came from economic activity whose value was itself dependent on crypto valuations.
There's a circularity there:
- Crypto assets become more valuable.
- People spend more money trading, speculating, minting, etc.
- Ethereum collects more fees.
- People point to those fees as justification for Ethereum's valuation.
poidh potentially breaks that circularity at the application level.
Someone paying $50 to have a real-world task completed is purchasing an outcome whose value doesn't necessarily depend on crypto markets.
That $50 might be worth spending whether ETH trades at $1,000 or $10,000.
So the underlying economic model has a credible path toward demand that exists independently of crypto speculation.
That's significant."
gotta say I agree with my agent here
https://x.com/kennyistyping/status/2119543567567999070
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