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Devcon Everyday Day 5 (sorry should have been posting it here too)
ETH is Permissionless Money by @mikeneuder.eth
Saw this live, it was awesome. Here's a summary:
ETH IS MONEY
- Stable supply
- Low, sustainable inflation (0.9% annually, excluding burn)
- L1 burn offsets half of inflation
- L2 activity, in it's final form, can burn significant amounts of ETH, even with subcent txs
ETH is Permissionless
Property Rights of ETH:
- On L1 -> Anyone can store, send, and program ETH without permission
- Rollups -> Scale ETH property rights. Permissionless bridging out retains L1’s property guarantees
- Non-Ethereum DA L2s -> Depend on external data layers, reducing property rights
USD(C/T): No property rights. Companies can blacklist holders anytime
Moneyness of ETH
- Inflation steadily reduced since launch. Post merge, supply growth is effectively stopped
- ETH has inflation + burn:
- High usage = burn offsets inflation, may even go deflationary
- Low activity = still sustainable incentives for validators 2 replies
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