Will we live in a multi-chain world, or will there be “one chain to rule them all”? It depends on your mental model of what blockchains are. People usually describe L1 blockchains as networks, e.g. the Ethereum network, the Solana network. This implies that blockchains are endlessly extensible like the Internet, or Telegram, or Facebook. If blockchains are networks, then network effects will dominate, and one blockchain will win. But networks are the wrong analogy for blockchains. Blockchains...