RisksThe flywheel effect described above can only play out IF and only IF activity on the Ethereum network continues to increase. However, as we discussed above, high transaction costs have resulted in many users migrating to alternative blockchains, stealing meaningful market share from Ethereum in 2021, and who now have sufficient critical mass t... See more

Three years ago, I felt crypto’s only proven use case was bitcoin as a store of value was the only clear, proven use case (it was clear that would endure and build retail and institutional value). Now, I see programmable money in Ethereum and Ethereum’s competitors as the next proven use case, with the massive influx into DeFi and NFTs a critical p... See more

-Compound, for example, is a lending protocol built on ETH with $10b+ of crypto available for borrowing. The creators could go away tomorrow and the code will still run.