Ryan Sean Adams

And so you're sort of taking from one side of the Ethereum ledger, one side of the network, and you're giving to just holders that stake.

except that all of the other third-party assets, the stable coins, the applications using DeFi, Ethereum for settlement, all of the third-party non-ETH assets, those tolls and those fees and the block ordering fees for MEV, that's a source of

I guess, utility fees that are paid to ETH holders.

And that's just external from the Ethereum network.

It's something that doesn't happen on the Bitcoin network to the degree that it does on Ethereum.

So we're talking about some external fee sources as well as the internal yield source that ETH has.

Want to compare some of this on the Ethereum network to gold as well.

So you write this, ETH has three independent sources of structural demand that remove it from free circulation.

You got staking demand, which is 30% of all ETH is locked and staked to secure the network.

So that's a supply sink.

You have collateral demand, which is the decentralized financial system that uses ETH as a foundational collateral, given it's the only asset native to the network, doesn't have any counterparty risk on Ethereum.

And then you also have gas demand, which is every transaction on Ethereum requires ETH.

And so these are all three independent sources of structural demand that remove ETH from circulation.

Gold can also serve as a collateral, as can Bitcoin.

But to your point that you made earlier in this essay and in this episode, oftentimes that all comes with counterparty risk, doesn't it?

And in the case of gold, you can't program...

like you can't programmatically liquidate gold in 12 seconds, a 12 second block time, right?

So because it's not programmable, because it's not digital, it has massive limitations in kind of the future of the economy as the economy moves more and more digital.

Can you talk about those elements of structural demand for ETH as well?

Okay, so the points you've made so far are, as far as I can see...