Ethereum

We covered value accrual mechanics for ETH in the latest Powerlaw Memo with respect to RWA TVL on mainnet and its correlation with ETH's usage as base trading pair onchain.

I made the case that trading pairs as supply sink are just one minor variable in a more complex formula. Happy to hear what people think!

This is the alt account of Sister Hazel. Writings at https://powerlaw.systems. Curating https://protocol-particles.github.io.

Link is in the bio. 

https://powerlaw.systems/memo-w13-mar-2025

The dynamics causing a certain kind of dominance do exhibit properties like gravity.

As I wrote in the memo, stablecoins are the majority of pairs against ETH. Onchain it seems USDT and USDC are equally common.

Generally always find it interesting how particular assets become defacto trading pairs in various spots.

Other example: USDT for CEX and USDC for defi for dollar denominated.

USDC basically cannot unseat USDT on CEXs… there’s stickiness.