Ronin Network price

My response to @dcposch's Three Ethereums post: First I want to say that I really respect DC Posch and value his insights. That said, while the piece sets out to “observe the current state” of Crypto to see where things are going, I think some of the conclusions feel premature and key datapoints about the current state are left out if you want to make the conclusion that he does The article notes totals and argues these assets are decoupling new EVM chains from mainnet. What is missing is today’s market share. Ethereum mainnet is the leader and its lead is growing: - RWAs are around 52% on mainnet and around 69.5% including Stage 1 L2s and lead is growing - Stablecoin issuance is around 57% on mainnet and around 62% with Stage 1 L2s and lead is growing That does not look like Ethereum is losing. Alt-L1s may succeed later, but were just announced. Seems too premature to conclude they're going to win based on the current state and a bit crazy to me to not include those metrics in the post At the same time, institutions keep building on Ethereum: - DBS tokenized structured notes - eToro tokenized stocks - AllUnity EURA stablecoin - @Etherealize_io announced a $40m raise to build on Ethereum All announced in the past monthish And for every big alt-L1 announcement there is a big L2 one, including Deutsche Bank, Robinhood, and Ronin The piece also leaves out the rise of L2s. Since their launch, usage has grown across every metric while mainnet blocks stay full. See all the charts on Even if you subscribe to the “burn drives ETH” view (which I don't), @mikeneuder did napkin math at his devcon talk ( showing that ~128 blobs per slot could support ~95k transfers per second or ~6k swaps per second. At that scale, ETH issuance can be offset at just ~$0.0001 per transfer or ~$0.015 per swap. TLDR L2 fees stay low and the burn fully offsets issuance. I have seen no evidence of L2 growth slowing and this world not becoming a reality He also says “rollups can move to alt-DA if blobs get expensive.” We have been hearing this since the day the rollup-centric roadmap was announced and this thesis has not played out. Fees on L2s have been trending down to pretty much zero ( click max), not up. And this is before PeerDAS (fusaka soon) expands blobspace from 6 to 48 per block, with the ability to keep scaling further without a hardfork. What we are actually seeing is some alt-L1s becoming L2s and 0 rollups switching DA layers (if I missed something please let me know) It also asks whether Ethereum L1 will remain the Schelling point for important assets. Hyperliquid is cited as the fastest-growing DeFi protocol and an example of not choosing the Ethereum ecosystem, but it is worth noting that it is a trading app where users hold positions for a very short time. Nothing wrong with that, and it should be our mission to make future Hyperliquids choose to be L2s, but there is no evidence that applications or institutions that care about long-term security will choose anything other than Ethereum L1 For years, around 60% of DeFi TVL has stayed on Ethereum, and no other chain is even competing to be the most secure Big banks care about counterparty risk. Today they wait days or even months for large transfers and pay hundreds in fees. By that comparison, Ethereum L1 is faster and cheaper, with minimal counterparty risk (what we call credible neutrality). It is possible Ethereum loses that role, but it feels incomplete to discuss the uncertainty without acknowledging that L1 is already the preferred settlement venue for those who care most about security Ethereum tech may succeed independently, but if we are observing the present, we shouldn't leave out these five facts that the article does: - Ethereum leads in RWAs and stablecoin issuance and its lead is growing - L2 usage is compounding while mainnet remains full - Institutions are steadily building on Ethereum L1 and L2 alongside new alt-L1 announcements - Ethereum leads in DeFi with around 60% of TVL and is the only chain competing on security - The “rollups will move to alt-DA if blobs get expensive” thesis has not played out (so far), L2 fees keep trending down, and blobspace is about to expand massively with PeerDAS Maybe the long-run “three Ethereums” thesis proves correct, but it feels premature to conclude that today without including all of that in the picture