David Hoffman

The kind of like theme is the tokenization of everything.

And as all these assets move on chain because more people can access them and then the transaction fees and the friction of transacting with them are much, much cheaper.

You'll see all these

right, like trillions of dollars of assets move on chain and have trillions of dollars of settlement costs.

And then Ethereum, like Vitalik's trying to coin change from the world computer to the world ledger, will be kind of like the global sediment layer for all those transactions.

And then all those transactions will generate a fee to ETH holders, which is why your ETH will compound.

Exactly.

So like when BlackRock tokenized their Biddle fund, right, their money market fund, right, they paid to tokenize it, right?

So to kind of mint that on the network, they had to pay some Ethereum fees.

And then anybody who wants to buy that or sell that, they also have to pay fees to do that.

And kind of like the same thing with,

stablecoins, anytime like Circle wants to issue some USDC or mint it, that requires a transaction fee.

And then if I want to send you some USDC, that also requires some ETH gas for that transaction.

So exactly, this demand is exogenous.

It's not, right, like people are just using ETH, Ethereum, the product, and it generates these transaction fees for ETH holders.

Yeah, so Ethereum is the only asset on the Ethereum network without counterparty risk, right?

It's native to the network.

Whereas like gold, if I wanted to kind of like use gold as collateral on something like Aave, right?

Like I have to trust the person who tokenized it and said that they're custodying it, right?

Yeah.