One of the most important challenges Ethereum faces is defining its core value proposition—the one that justifies why, in such a Darwinian environment, the protocol should prevail due to its competitive advantages. Too often, we overestimate the power of narratives compared to the economic realities that ultimately shape our behavior. We tend to believe that narratives can override rational decision-making, but in practice, economic actors usually respond to the incentives that the environmen...

One of the most important challenges Ethereum faces is defining its core value proposition—the one that justifies why, in such a Darwinian environment, the protocol should prevail due to its competitive advantages. Too often, we overestimate the power of narratives compared to the economic realities that ultimately shape our behavior. We tend to believe that narratives can override rational decision-making, but in practice, economic actors usually respond to the incentives that the environmen...