yezhang1998
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It’s impressive that every hack eventually leads to buying ETH…
Even the hackers know which chain is truly decentralized and secure, they actually care, since they could lose everything or end up in jail.
Even the hackers know which chain is truly decentralized and secure, they actually care, since they could lose everything or end up in jail.
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I’m increasingly convinced that Validium-style systems will be key to institutional adoption. It offers:
1) Regulation-friendly privacy at extremely low cost
2) Trustless, permissionless interoperability with other systems
ZK enables systems to "talk" to each other in a verifiable and privacy-preserving way.
Imagine untrusted banks or fintechs needing to clear and settle — the choice is either a closed, permissioned system (like Hyperledger), or a verifiable, privacy-preserving alternative. Even SWIFT is a system with closed membership.
Validiums are the only practical path to the latter. They're the only way to let systems interact securely without needing to trust each other. (Public chain destroys privacy or efficiency, or will have tons of issues with the regulatory side)
1) Regulation-friendly privacy at extremely low cost
2) Trustless, permissionless interoperability with other systems
ZK enables systems to "talk" to each other in a verifiable and privacy-preserving way.
Imagine untrusted banks or fintechs needing to clear and settle — the choice is either a closed, permissioned system (like Hyperledger), or a verifiable, privacy-preserving alternative. Even SWIFT is a system with closed membership.
Validiums are the only practical path to the latter. They're the only way to let systems interact securely without needing to trust each other. (Public chain destroys privacy or efficiency, or will have tons of issues with the regulatory side)
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My take on why REV is flawed as a valuation metric for ETH:
1. REV is a vanity metric, like TVL
It’s useful to track, but the number alone doesn’t mean much. Take TVL as an example: 10M USDT from one whale is different from 1M users with $10 each, the latter is far more robust. Like TVL, REV doesn’t capture user diversity, retention, or app quality. It’s a shallow metric without context.
2. REV shouldn't be maximized long-term
REV is fundamentally a cost to users. As apps internalize MEV and fees approach zero (especially with app-specific sequencers), chains with high REV may simply be inefficient.
The most decentralized and credible global settlement layer should aim to secure the most valuable outcomes, not extract the most fees. It will be higher as a valuable economic zone, but REV is just one of many metrics.
3. ETH derives value from network confidence and trust (agree with @ryanberckmans)
Key pillars of ETH’s value:
> Deep liquidity and scalable social consensus
> The most secure base for rollups and modular apps
> ~$225B in app capital
> ~80% share of real-world assets
Other examples: Tron has more REV than Solana but 1/10 the market cap. BTC has almost no fees but is worth $2T. ETH may not be a pure SoV like BTC, but it’s a highly liquid, trusted, and programmable asset. Every rollup settling on Ethereum reinforces its value. Unless another L1 can replicate ETH’s economic weight and systemic trust, there’s no better foundation for an open crypto economy.
The ticker is ETH.
Other recommend read
1. From @ryanberckmans
https://t.co/7jRYuvGTDI
2. From @sassal0x
1. REV is a vanity metric, like TVL
It’s useful to track, but the number alone doesn’t mean much. Take TVL as an example: 10M USDT from one whale is different from 1M users with $10 each, the latter is far more robust. Like TVL, REV doesn’t capture user diversity, retention, or app quality. It’s a shallow metric without context.
2. REV shouldn't be maximized long-term
REV is fundamentally a cost to users. As apps internalize MEV and fees approach zero (especially with app-specific sequencers), chains with high REV may simply be inefficient.
The most decentralized and credible global settlement layer should aim to secure the most valuable outcomes, not extract the most fees. It will be higher as a valuable economic zone, but REV is just one of many metrics.
3. ETH derives value from network confidence and trust (agree with @ryanberckmans)
Key pillars of ETH’s value:
> Deep liquidity and scalable social consensus
> The most secure base for rollups and modular apps
> ~$225B in app capital
> ~80% share of real-world assets
Other examples: Tron has more REV than Solana but 1/10 the market cap. BTC has almost no fees but is worth $2T. ETH may not be a pure SoV like BTC, but it’s a highly liquid, trusted, and programmable asset. Every rollup settling on Ethereum reinforces its value. Unless another L1 can replicate ETH’s economic weight and systemic trust, there’s no better foundation for an open crypto economy.
The ticker is ETH.
Other recommend read
1. From @ryanberckmans
https://t.co/7jRYuvGTDI
2. From @sassal0x
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