David Hoffman

It, like, decided probably since, like, the block size war.

This is when this culture really got established within the Bitcoin community of, like...

that we're never going to change protocol and that we're just going to be a store value and we're not going to be peer-to-peer electronic cash.

Like I said, we're just going to be digital gold.

And that's really easy for people to like wrap their head around.

Whereas Ethereum has like all these other use cases, which is harder.

And then the last thing is kind of like competition.

Like 2020, 2021, like Ethereum just didn't scale.

Like the guest limit didn't change for three years.

And that led a huge opening for other competitors, like the Solanas of the world.

But it seems like...

Starting really last year, Ethereum kind of got the act together with, now we see we're going to scale through, like, mainnet is scaling, right?

We're tripling throughput, like, every...

every year.

We have L2s being adopted.

So Robinhood and Coinbase are building their L2s on Ethereum.

And Ethereum has like 60% market share in DeFi, in total value locked, which is 10x, like the nearest competitor now.

And it's really, it's become clear to people that the core characteristic of a blockchain, the most important property is sovereignty, right?

Like can people change the protocol?

And Wall Street is kind of like understanding this through the lens of counterparty risk.