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...
What's happening to Ethereum? Big companies are launching EVM chains, but they're doing alt-L1s. Why?
In short, Ethereum the asset, the chain, and the tech are diverging. Details below. Thanks to @liamihorne @dankrad & others for ideas and review.
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