After hearing about EigenLayer and seeing some content on it, I finally read the whitepaper just now.
It is an intriguing read and I love the simple language that allowed me as a technologically less savvy guy to follow.
This will revolutionize the space, it is not just the next incremental improvement - this is significant, isn’t it?
The visions outlined in the whitepaper mean a magnificent boost for interoperability, security, and innovation for DLT. It may just be the completing puzzle piece for Ethereum to become irreplaceable for good. How can one not be bullish on Eth in light of EigenLayer? Amazing…
I never believed that Eth could ever flip BTC and still I guess it is unlikely but that said, Eth seems to become the true value layer of the internet of blockchains - and Ether being a deflationary asset - it seems that Eth could contest Bitcoin for its value preposition when nothing could contest Eth. Bitcoins value comes from our consensus about its role, which is dependent on its market cap. The higher it is relative to other crypto currencies, the more distinct its role is. Ethereum is different, it is valued not for it’s first-in-kind role nor for its valuation but for the activity, value, and innovation that is generated in its ecosystem. One could say that Eth has fundamental value and Bitcoin consensual value. If Ethereum closes in on Bitcoin in terms of its valuation, Bitcoins consensual value might accrue to Eth and if Bitcoin is flipped, it may lose its entire consensual value to Eth. A catalyst for this could be a hard cap on Eth that may as well be introduced considering the given deflationary monetary supply of Eth. It would not have any practical impact but a mental impact for sure.
I believe that the entrance of the blockchain space into the traditional world of finance will have time tell us soon if Bitcoin will be Bitcoin and Eth will be Eth or if Eth will be Bitcoin and Eth.
Would love to hear your take on the future of our space with regards to the introduction of EigenLayer!
(In the meantime I will dive deeper into the Learn page)