We've torn ourselves apart with L1 analogies. Is Ethereum a city, a country, a company? Answer: who cares. The rule is, if the asset can earn fees, it'll be judged on how much and the quality (durability & concentration). Call it a country, a city, doesn't matter. It's fees, stupid.
@mikeippolito_·Jul 14, 2026·2 sources·neutral
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The article argues that L1 blockchain analogies are irrelevant and that the value of an asset is determined by its fee generation and quality.
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We've torn ourselves apart with L1 analogies. Is Ethereum a city, a country, a company? Answer: who cares. The rule is, if the asset can earn fees, it'll be judged on how much and the quality (durability & concentration). Call it a country, a city, doesn't matter. It's fees, stupid.
@mikeippolito_
Jul 14, 2026
We've torn ourselves apart with L1 analogies. Is Ethereum a city, a country, a company? Answer: who cares. The rule is, if the asset can earn fees, it'll be judged on how much and the quality (durability & concentration). Call it a country, a city, doesn't matter. It's the fees, stupid.
@mikeippolito_
Jul 14, 2026