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kripcat.eth 🎩
@kripcat.eth
Genuine question. To what extent is it possible for ETH to become “top heavy”? Is there a timeline where the modular blockchain thesis is successful and thousands of L2s collectively form the global infrastructure of a new decentralised financial system, shuffling trillions of dollars in value daily, all settling down to mainnet but ETH the asset does not accrue a substantial portion of this value? Doesn’t the economic security model ensure that if ETH is the backbone of a massive financial system, but undervalued as an asset then the whole system is vulnerable to attack? Is it possible to be bullish on the modular thesis but bearish on ETH the asset?
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pa7x1
@pa7x1
Yes, it's possible. It requires for blobspace to be over-supplied and therefore no blobspace fee market to ever form. But I guess if that were to happen we could always cut down the number of blobs until a fee market develops. Or tweak the EIP-1559 like mechanism so that it doesn't drop blob fees to 0.
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