crypto's tragedy of the commons:

— it's generally +EV for a self-interested actor to fork yet another {L1, L2, stablecoin, lending protocol, shitcoin, etc.}

— this is easier than inventing something from scratch

— all the forking results in fractured liquidity, which is -EV for the ecosystem at large

Co-founder @hatsprotocol. DAO maximalist. I am here to help humanity transition to the post-scarcity economy. FID 3558

most of these things have pretty strong network/lindy effects I think though? believe this yet-another-fork phase of crypto will be relatively limited w/i the broader time horizon (except for shitcoins, which are probably f o r e v e r)