- blockspace is obviously not a commodity - ethereum does have a moat - solana also has a moat, but smaller - however solana can change this (in either direction) much faster than ethereum - most chains are absurdly overvalued - but a few are absurdly undervalued - it is useful but incomplete to value crypto networks based on tradfi companies - the most obvious reason why it's incomplete is that crypto is a highly connected financial network, which makes it highly speculative, which makes it highly reflexive, which makes it attract capital exponentially faster than anything we've ever seen - this is not a traditional network effect akin to a social network, it is intrinsically self-reinforcing with great reflexivity - e.g, consider that NVDA added 2.6 entire SOL marketcaps in a SINGLE CANDLE last week - we likely have a period of at least ~7 more years of non-linear cyclic growth (humans are very bad at reasoning about future tech growth, but if history is any guide, they're almost always wrong) - it takes one single app to change everything you thought you knew