The idea that “blockspace is commoditized” is not true, and very much ignores real-world market dynamics. A good metaphor is real estate. There is infinite land, but some land is more valuable than others because of value of proximity towards opportunity in that land. (NYC for example) Creating more houses in areas that are far away from this valuable land does not make that land less valuable, the same way that creating infinite blockchains does not make the top blockchains any less valuable, nor does it commoditize the blockspace of those blockchains. Users will always pay a premium to use top blockchains, as the premium is basically just a fee on access to opportunity. Additionally, there is a broader misconception that blockchain scaling has largely been solved. This is because currently, there are 100 different chains that cost $0.001 to make a transaction on. A natural conclusion to draw here is that this is proof that blockspace is commoditized, because margins have already been compressed to zero. This is WRONG. One of the most important, and under-discussed metrics to describe the “performance” of a blockchain is median gas fees at scale. To keep it simple, median gas fees at scale basically just means: - how much does it cost to make a transaction when a blockchain has live demand of 10 TPS - how much does it cost to make a transaction when a blockchain has live demand of 100 TPS - how much does it cost to make a transaction when a blockchain has live demand of 1,000 TPS and so on… It is very easy to build a blockchain with sub-cent transaction fees when you have live demand of 1 TPS. It is nearly impossible, and probably the most important problem for our industry to solve to build blockchains with sub-cent transaction fees when you have live demand of 1,000+ TPS and beyond. The only chain that is even close to accomplishing this is Solana. Some might cynically argue that we don’t even need to build chains that can provide a superior UX at this level of scale, because there simply is not and never will be that level of demand for our silly industry. There is an opposing view here though, and one that I ascribe to. The reason why our industry has not been able to truly explode, is because the tech has not been built to handle the demand. In 2021, in peak mania, many regular people had an experience where they had to pay $100+ for a transaction fee. This is unforgivable both for users and builders. Imagine building an app that you genuinely believe can go viral, but if the app gets too many users the experience starts to get ruined for everyone. This is largely the environment that most builders are working with today. ...