FIDELITY PARAGONA ETHEREUM AD UNO STATO SOVRANO: LA BLOCKCHAIN COME ECONOMIA EMERGENTE
Fidelity has recently analyzed Ethereum as a true emerging economy, capable of self-sustaining and with macroeconomic dynamics comparable to those of a sovereign state. The well-known investment manager offers a revolutionary perspective compared to traditional interpretations of Ethereum as a mere technology company.
According to the study, the Ethereum blockchain should be conceived as a complex economic entity, with ETH acting as sovereign currency. The active addresses of the network are compared to the citizens of a nation, dApps represent business activities, while gas fees take on the role of a form of taxation proportional to economic activity.
Fidelity applies the traditional economic model "C + I + G + NX" to analyze on-chain economic activity, where consumption corresponds to gas fees, investments to TVL in DeFi protocols, public spending to rewards for validators, and net exports to flows between different blockchains.
The distinction between ETH as sovereign currency and ERC-20 tokens as generic financial instruments highlights how Ethereum possesses unique characteristics of economic self-regulation through its programmable and transparent monetary policy.
