0xen 🎩
@0xen
Base’s native coin is USDC and in some ways the L2 is a vampire attack on $eth. Yes? No? Dumb?
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six
@six
Idk about USDC native coin. Agree ETH isn’t needed for gas which affects value accrual but most apps and users still price assets in ETH terms
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ruhum
@ruhum
I can only think of NFTs as something that is strictly priced in ETH. Everything else was always in $ value, no?
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six
@six
I think people also trade tokens to stack the native token (i.e. SOL or ETH) - even if they think about their port holdings in USD terms, they "exit" to the native token as opposed to exiting to USDC
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0xen 🎩
@0xen
I don't think people are stacking ETH rn. Maybe their initial trade due to liquidity and swap fees but my guess is most current big sells in the ETH ecosystem eventually end up in USDC because of capital gains and ETH/BTC awfulness. Imagine selling 1m worth of $higher at 37% short term capital gains rate into $3800 ETH. That's 630k after taxes that's now 397k. Ouch!
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ruhum
@ruhum
Agreed, trade to USDC to earn yield on coinbase, and save on taxes. Also makes it easier to keep trading. Might change when ETH starts picking up steam. Maybe there’s a dune dashboard out there for that
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0xen 🎩
@0xen
It's just hard to imagine $eth having the buy pressure it did last time, especially if the bull happens on L2s . No fees, no constant topping up.
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six
@six
Yeah agree here this fucks with the $ETH thesis
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0xen 🎩
@0xen
it has funny secondary effects too. last time i'd buy a .5 $eth of a coin but had to factor in a .1 buy cost and a .1 sell cost so i'd be much more likely to hold and not jump ship if i wanted to see some profit. holding was much more of the culture. i had to REALLY think about if i wanted to buy something as i was starting off with a loss from the get go and was much more incentivized to become part of the culture. also, the $coin/$eth pairing was nice as $eth pumped, like 2017 when everything pumped because everything was paired with $btc.
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