Seeing so many bad takes on Vitalik’s post. It should have been very obvious that $ETH or any L1 token as a fee capture product was never going to work. The problem with this business model is that as the blockchain technology improves, via scaling, UX changes, speed, or other updates, the fees generated by the blockchain are reduced. Therefore, the L1 business is a race to zero as blockchains compete with each other on which can offer the cheapest transaction fees and thus cannibalizing potential revenue. Still a big question, but SOV is the only way for a these tokens to actually have potential.
RalphShare
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