Ethereum

Terminally Onchain

Friday's /toc deep dive:

We now have an abundance of blockspace and have hit a local top on how much weight we place on the importance of crypto infrastructure in terms of user onboarding.

1. As technical complexity is abstracted away, the initial moats that attracted developers are quickly disappearing. Blockspace and liquidity are no longer defensible moats as it becomes trivial to do cross-chain transactions, sub-cent bridging/swapping, etc.

2. Consumer teams will attract the most users through their creativity and ability to quickly experiment - not their allegiance and dependance on underlying infrastructure. Over the next few years, app and wallet designs will dictate value accrual.

3. It turns out, infrastructure tokens aren't as tightly coupled with the actual infrastructure as we thought they would be. In fact, many L2s didn't even launch a token. And the ones that exist aren't even a requirement for transactions.

Friday's /toc deep dive:

We now have an abundance of blockspace and have hit a local top on how much weight we place on the importance of crypto infrastructure in terms of user onboarding.

1. As technical complexity is abstracted away, the initial moats that attracted developers are quickly disappearing. Blockspace and liquidity are no longer defensible moats as it becomes trivial to do cross-chain transactions, sub-cent bridging/swapping, etc.

2. Consumer teams will attract the most users through their creativity and ability to quickly experiment - not their allegiance and dependance on underlying infrastructure. Over the next few years, app and wallet designs will dictate value accrual.

3. It turns out, infrastructure tokens aren't as tightly coupled with the actual infrastructure as we thought they would be. In fact, many L2s didn't even launch a token. And the ones that exist aren't even a requirement for transactions.
https://terminallyonchain.xyz/blockspace