David Hoffman

And he points to the fact that like the S&P 500 has like outperformed gold over like the last 50 years, which is also a good argument.

And he wants us to focus on kind of like DeFi and real economic activity.

And the hope is that this can unify both camps by, and they're also symbiotic too, because the monetary premium that you would accrue from being superior money

allows you to secure more assets on the network and provide even more economic value to society.

So that's kind of the productive money meme.

Yeah, so the basic way it works is that you take your Ether and then you stake it and you operate a validator that secures the network and you process the transaction fees.

And if your attestations are correct, the network will pay you a reward, which is a mixture of like issuance from the network and transaction fees that are earned.

So right, there's gas on Ethereum.

So if you want to swap a token on Uniswap or send your friend a stablecoin payment, each of those transactions requires a little bit of gas.

And then that gets paid to,

A portion of it gets burned, which reduces the total supply and makes it scarce.

And then another portion of that goes to the stakers who are securing the network.

So you're getting paid for providing economic security to the network.

What makes this unique is like prior to Ethereum, if you wanted your money to grow, you kind of had to accept counterparty risk.

Right.

So if you put your dollars in treasuries, you're trusting the government not to debase your currency or not to default on their debt.

Same thing with kind of like a stock.

You're trusting like the counterparty who operates that company to pay you your dividend or to not run the company into the ground.

Whereas Ethereum, all you have to do is trust the protocol.

And there is like some technical risk there, but it's not really counterparty risk.