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@chaskin.eth
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
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@chaskin.eth
Bitcoin Side Note - Bitcoin's 0% inflation goal may threaten its security, as fees remain insufficient - Bitcoin block rewards can spike dramatically, as seen with Babylon chain's launch (500x increase), creating opportunities for reorg attacks and potential chain instability Burn Stats - Current L1 burn -> 476k ETH/year (half total issuance) Blob Burn - Future with 128 blobs/slot: - To fully offset issuance we need 95k L2 transfer per second that spend $0.001 per tx and 6k swaps that spend $0.015 per tx - 336m blobs per year would cost $10 per blob TLDR on blobs - L2 transaction fees can stay insanely low and can still burn a lot of ETH
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@chaskin.eth
https://www.youtube.com/watch?v=qdCUbOvukDE
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