BitMart News

This is also why most chains die. If nothing is built on them, theres nothing to switch off... I wrote a full piece on why thats the case and what separates the few that survive. Here it is: https://t.co/MnJ2dXj58D

Hundreds of chains launched last cycle and most are ghost towns today. I tested the metrics everyone uses to identify the survivors and most of them are very poor at predicting success... Wrote the full thing up: https://t.co/7UuMefNlfM

How do you value a blockchain? Most people try to run a discounted cash flow model on it, like its a company. Ive had that argument plenty of times over the years and its nonsense. Invert it instead. Imagine you switch Ethereum off tomorrow. Every stablecoin on it, all of DeFi, every layer 2, every NFT... all of it goes to zero in an instant. Everything that would disappear is what Ethereum is actually worth. The reason these networks attract so much capital is that they are dense with intelligence. Ethereum has the most developers, its programmable, it has the deepest markets and the whole ecosystem built on top of it. Solana and Sui are faster, cheaper, more efficient, with different feature sets... Turn it off and see what breaks. Thats the valuation.

@0xvati I wrote an article this week on why most chains die where I argue that adoption is the single most valuable metric... as we move into an agentic economy the cheapest fastest rails will capture large chunks of that future adoption https://t.co/MnJ2dXj58D

Hundreds of chains launched last cycle and most are ghost towns today. I tested the metrics everyone uses to identify the survivors and most of them are very poor at predicting success... Wrote the full thing up: https://t.co/7UuMefNlfM

Most agents wont care which chain they're on. @0xvati and I had a great chat about this recently Humans pick chains a bit like football teams... philosophy, ideology, community. But agents dont give a crap about any of that. As Arpan put it, a rational agent will execute on any chain that is, say, 10 milliseconds faster.  Play it forward and the chains end up competing on efficiency for machine users. Cheaper, faster rails make it worth running more agents onchain, and more agents push the rails to get cheaper again. More agentic activity onchain makes the whole thing go exponential

I wrote my thoughts on this up in full yesterday: https://t.co/MnJ2dXj58D

Hundreds of chains launched last cycle and most are ghost towns today. I tested the metrics everyone uses to identify the survivors and most of them are very poor at predicting success... Wrote the full thing up: https://t.co/7UuMefNlfM

In the drawdown from last year’s highs, SUI fell about 80%, SOL about 70%, ETH about 60%. Brutal. But the charts missed what was underneath. On all three, economic density didn’t move. Users left, as they always do in a bear market, but the capital each remaining user had deployed stayed exactly where it was... the tourists and the bots went, and the people who stayed kept doing what they’d been doing. I spent a lot of time measuring this: stablecoin float, DeFi TVL and applications shipped per daily user, across every major L1. Why? Because I think it’s the truest measure of longevity there is. Every other L1 I measured lost density along with price. Adoption hadn’t taken hold yet. Doesn’t mean it won’t, but it hasn’t...

I wrote my thoughts on this up in full yesterday. Why most chains die and how to find the winners: https://t.co/MnJ2dXj58D

Hundreds of chains launched last cycle and most are ghost towns today. I tested the metrics everyone uses to identify the survivors and most of them are very poor at predicting success... Wrote the full thing up: https://t.co/7UuMefNlfM

The rails of the agent economy will end up concentrated in a handful of L1s...  As agents do more of the transacting, all of that economic activity has to get coordinated somewhere, and very few networks can actually carry it. So your whole job is to figure out which chains are capable of hosting the agent economy... and then just accumulate as much a possible.