Interestingly, Ethereum’s rollup-centric roadmap is implicitly a gambit in this direction. ETH is sacrificing REV to its L2s rather than capturing it all to itself, in return for spreading the moneyness of ETH the asset. It’s unclear if its L2s will win out, or if they’ll continue to aggressively use and spread ETH in the future, but it’s clearly t... See more

Platforms1, on the other hand, create network effects when they aren’t interoperable. Ethereum has a community of developers building tools, which attracts more developers and users. Competing blockchains must convince developers to switch and rewrite years’ worth of software. Because the value isn’t transferrable, Ethereum has a strong moat. These... See more

1. Privy makes it easy to embed wallets that users control but don’t need to think about, right in the app.


2. Base , Coinbase’s EVM-Compatible Layer-2 network, is a cheap, highly performant L2 with the trusted reputation and brand of Coinbase. (Since launching in August 2023, Base has already made upgrades that make the network cheaper and faster, whi

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