I love how people are quote tweeting this news from the SEC and going "bullish for my chain!", when Chainlink has literally been crafting this policy directly with the SEC.
Chains = selling commoditized blockspace
Chainlink = selling data + connectivity (across all chains + non-chain networks: SWIFT, DTCC, FIX) + compute + privacy + identity, all within a single programming environment (Chainlink Runtime Environment, think of it as a virtual machine for oracle DONs), that lets you build coordinated workflows across all chains, APIs, financial networks, add in privacy, policy & compliance engines, and identity, and deploy those workflows across all chains.
Chainlink is the operating system of the new financial system.
@dan_pasko
See my post
>older millennial
Same demographic as myself.
>what I disagree with
A) Blockchains have only one product to sell: blockspace.
Furthermore, the value accrual of chains will continue to go down as other parts of the tech stack capture more of the "contestion" (MEV) fees: apps, oracles, wallets.
In contrast, an infrastructure platform like Chainlink, whose services I was listing, has many more services to sell to TradFi for tokenization and stablecoins than a chain.
B) The TVL of asset issuance on a chain doesn't equal value accrual towards the token. It's merely a needed ingredient towards that end, but its presence alone doesn't create it. Ethereum doesn't charge a take rate on TVL like an asset manager charging AUM fees.
So, when people discuss being "bullish on stablecoins", they're mostly referring to stablecoins disrupting payment processors, wire transfers, ACH, etc. But, a blockchain optimized to support stablecoins for payments needs to be very, very fast, very very cheap, and likely have privacy.
Ethereum itself doesn't nor will it have any of those properties nor will it. Furthermore, a L2 could have those properties and will be paying very little in terms of DA fees on the blob market to Ethereum.
Then, consider the other category of stablecoins as raw capital on Ethereum.
Think about a billion dollars worth of USDC/ETH/tokenized RWAs deposited into Aave to collect yield that moves twice a year.
How much does ETH accrue from that? You pay a gas fee to deposit and one to withdraw. A couple bucks.
In summary:
A) The margins of chain value accrual will continue to decrease. Volume will offset it, but other protocols equally benefit from volume without the net loss to their current take rates.
B) Chainlink, as an entire infra platform, has many more services to sell to TradFi for tokenization and stablecoins (data, interop, compute, privacy, compliance, etc) than commoditized blockspace.
C) TVL on a chain doesn't equate to value accrual of a token. You need high performance token movement + trading to get congestion + contestion fees to generate value accrual for the token. Dormant capital doesn't do it.
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