The Ledger, every show

“And I think we'll increasingly see this where the demand side is going to just pay in whatever asset they want. They don't need to interface with crypto assets from a day to day perspective, but you can still have value in a work token that organizes the suppl…”

“I think we will see an evolution of value capture within crypto, where value will start to move up the protocol stack.”

“So I don't think every layer one protocol will capture a ton of value. I think most of them will get commoditized and the ones that don't will be the ones that become these stores of value.”

“And the only way that that ends up being a service that the end user uses is either if it's cheaper than existing services that you can get from the centralized model, but on par in terms of user experience, or it's a fundamentally new experience or service, a…”

“I think one thing, even if we end up in a work token world or taxi medallion world where we've separated capital and currency again, at least within those networks, the one reassuring thing is that you can't be a passive accumulator of capital. You have to be …”

“I think also if you don't have formal governance mechanisms and clarity around it, you devolve into governance by defection. And we saw that with Bitcoin.”

“Developer attention is the most valuable resource, I would argue, within crypto right now.”

“If you have a fixed supply of that asset, But the cost and value of governing that network is going up, then so too should the cost per token of that asset.”