Ethereum’s real moat isn’t “first-mover tech.” It’s a $100B+ pool of permissionless capital that only decentralization can unlock.

DeFi’s breakthrough wasn’t lower fees; it was borderless capital. New projects, yield vaults, and tokenized RWAs plug in because that capital is already on-chain.

Capital chases security. The more decentralized the chain, the smaller the trust assumption—and the deeper the capital stack willing to settle there.

High-TPS chains that dial down decentralization may win transactions, but they surrender the balance sheet. Throughput can be copied; Lindy capital cannot.