-most scaled apps will have their own L1 -companies don't want to risk ability to serve customers on price and gov of {your bags} -L2 adoption is only rational if value accrues mostly to operator instead of L1 coin -gas coins are literal commodities backed by FOSS -the bull case for gas coins is as collateral with moneyness that provides a minimum viable security budget for proof of stake validation, such that the cost of corruption exceeds the one-shot profit from corruption in an attack window -a gas coin's monetary premium is the value that users place on access to an open, permissionless and censorship resistant network compared to stablecoin based appchains (otherwise they just use the appchain and buy the stonk) -corporations are subordinate legal entities of a state, subject to the sovereign's laws, and (in a democracy) the whims of the voting public corporations hedge forex risk, but their existence depends on the limited liability granted by the sovereign in exchange for compliance -corporate earnings are denominated in fiat. normie corps do not care that much if the denominator for their stock (fiat) is worthless. -the existence of cryptocurrencies requires corporate treasuries to rethink their "forex" risk management. forex risk management has become fiat risk management. microstrategy can be viewed as a traditional corporation pursuing an aggressively contrarian fiat risk management strategy that is short fiat, long bitcoin proof of work -fiat is an irl form of proof of stake, a political credit representing faith in the sovereign's governance and domestic economy -blockchains are network states. proof of stake cryptocurrencies are digital fiat -it is hard to identify incumbent beneficiaries of these trends, because so much of the internet economy is based on intermediation and platform rents collected by oligopolies -the ability for any company to spin up their own programmable payments platform using blockchain FOSS is not priced in -tech forward companies with the most distribution and the least dependence on transaction fees and most willingness to disrupt their own business models will be the ones who are best able to adapt -the biggest losers are companies where transaction fees from payments intermediation are a large percentage of their revenues. they will need to adopt and adapt to stay competitive and profitable. those who don't will get acquired or perish -in crypto, beyond fiat risk hedges/stores of value (BTC, ETH, cryptopunks and lindy art), i think the biggest beneficiaries will be multichain and cross chain infra (oracles, RaaS, data availability, account abstraction/wallets) the ticker is {my bags} cc: @goodalexander @balajis @lex_node @ChainLinkGod