When L2s/Ethereum try to tell you that L1s are expensive to bootstrap, just remember a few things: 1. A permissioned L1 is the same thing as an L2, ESPECIALLY in the case of institutions/RWAs since those assets are controlled by issuer. Benefit of the permissioned L1 is you don't pay a settlement layer and don't risk it failing, i.e. less risk. 2. The reasons L1s pay a lot of "inflation" is because this was simply the distribution mechanism chosen at genesis. L2s pay a lot of "unlocks" to their DAO instead. Same/same. The truth is that if your chain has value/MEV, validators will come without any staking inflation to secure the network.