First Polyana post in a while, discusses the tension between Supply and Demand for blockspace and L1 value capture I thought about this tension a lot when writing about why I sold my ETH. Eventually, at the endgame, for max-value ETH, fees won't/cant't matter. 'ETH is money' implies a market cap far higher than revenue could ever support. But the bootstrapping process is different than the terminal environment for ETH, and the bootstrapping process requires Fees. Two unfortunates things happened at the same time: - blockspace demand across the industry collapsed ('strong crypto' died) - blockspace supply exploded Ethereum was caught in the middle of this collision, and the ETH bootstrapping process got derailed. So we arrived at the terminal state of ETH economics a little too soon, and imo now it seems we're stuck there. ETH is now a SoV money, at its current market cap. That's the story that makes the most sense to me.(David Hoffman)