Ether's unique position in a world of stablecoins Thesis: Stablecoins will dominate pricing. ETH will dominate reserve. And the more stablecoins succeed, the stronger ETH’s position becomes. 1. Front-end chains give ETH cultural gravity. L2s settle to Ethereum. They adopt Ethereum’s norms. On Base, Arbitrum, OP, the money leg is ETH/WETH by default. That’s not a coincidence, it’s cultural momentum turning into liquidity. 2. Money premium beats fee math. Bitcoin’s value isn’t fees; it’s being held as money. In the EVM world, ETH is the non-custodial asset treasuries, LPs, bridges, MM desks, and validators actually post. Stablecoins handle checkout; ETH backs the system. 3. Network effects lock it in. Liquidity begets liquidity. As ETH’s market cap and depth outpace other smart-contract coins, every new integration lists ETH first, every new Ethereum-backed chain uses ETH gas/pairs by default, every new derivative launches on ETH first. The lead compounds. 4. ETH fits the rails;...
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