Ethereum

To address this, the community chose a rollup-centric approach. The idea is simple: Instead of hosting all applications on Ethereum, the focus is on rollups that offer faster, cheaper transactions while still settling back on Ethereum. As a result, you get faster, cheaper transactions, but still keep Ethereum’s security.

Recently the term REV (Real Economic Value) was coined – representing the subset of network activity that directly compensates the protocol for providing security and state maintenance. This includes:

• Base fees collected for transaction inclusion


• MEV tips that pass through to validators or stakers


• Blob/data availability fees in the case of modular ch

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Just as falling compute costs unlocked the internet boom, lower transaction fees will unlock new application categories and use cases. The main comparison here is that general-purpose compute and coordination layers are more akin to AWS or Linux than HTTP. Ethereum and Solana are not simply “settling” transactions, but enabling programmable state c... See more

In a world where the Fed — and other central banks — are driving 5-7% annual debasement of their currencies, investors need to make more like 10-15% annual returns to outpace this loss in future purchasing power.

Bitcoin is special. It was the first, and it’s still the most decentralized, credibly neutral, predictable, and reliable network. No other network can match its story, and perhaps no other will match these features.

Also, unlike most of its peers here, BTC makes no attempt to be a productive capital asset. Now, that may sound like a weakness at firs... See more

Based rollups use Ethereum for everything from ordering transactions to settling them. While this approach may not seem radically different from traditional rollups, it fundamentally shifts how sequencing is handled . Instead of relying solely on separate sequencers, based rollups leverage Ethereum itself for transaction sequencing.

However, compromising on decentralization has never been an option for the Ethereum community. It's also essential because it is closely tied to security and gives the Ethereum network properties like neutrality, censorship resistance, and permissionless-ness, which are equally important as the ones in the scalability trilemma.

So far, this post has focused almost exclusively on tokens’ ability to capture value by generating income streams for their holders. They are productive capital assets. This may very well be sufficient to value most tokens in the long-run. Equity-like analysis will do the trick here. Think DCF and DDM.

However, valuing tokens based on cash flows rem... See more

There exists no meaningful technical barrier between BTC vs. the field. Most other networks are obviously even technically more advanced. But we’re focused on the dollars and cents outcome here. Will any of these other assets be used in a similar manner over time as BTC, justifying valuations far in excess of their intrinsic value from producing in... See more