It’s my hunch that we’ll see many key middleware protocols that grow to be greater in size than the underlying consensus-chains.
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Replying to @cburniske
Greater-in-size defined in terms of value accrual? And if so, what happened to fat protocol?
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Replying to @L1AD
A middleware protocol can still be a fat protocol - some people misread
@jmonegro’s piece as saying “the base layer” protocol will always capture the most value, whereas in reality the point is that protocols (plural), will capture more value than the application interfaces.1 reply 1 retweet 8 likes -
Replying to @cburniske @jmonegro
Hmmm. Impressive verbal jujitsu. Did you go to law school? ;-) So value waterfalls down the stack to protocols but current thinking is middleware protocols could accrue more value than base consensus layer protocols? - essentially there’s still all to play for.
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Yes, and there likely will be a sequential evolution. Base layer protocols with “coins” have been king for the first ~10 yrs of crypto, over the next 10 yrs we’ll see how *value capture evolves* wrt middleware protocols as more of their services come to fruition (or don’t
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That depends not on where in the stack the protocol is, but where value accrues in the business model. Is it in the network, the coin, or the company. Yo till now we basicly saw 2 models - 1. Coins sold to investors and vested 2. Tx fees on open source
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Replying to @mayazi @cburniske and
@cburniske can you provide even 1 example of how a middleware protocol would accrue value1 reply 0 retweets 2 likes -
Replying to @MustStopMurad @mayazi and
@0xProject has been doing pretty well for itself.3 replies 0 retweets 7 likes -
Replying to @cburniske @mayazi and
if that’s the best example you have then I’m afraid your middleware thesis isn’t gonna pan out. these middleware layers will never be even 1% as big as base layer money coins. Also 0x is ridiculously overvalued. It’s “governance” is not worth $630M, and you know it
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Replying to @MustStopMurad @mayazi and
Base layer money coins will be massive, no debate there. My point is more that some middleware protocols will grow to be bigger than many of the newfangled smart contract platforms that don’t achieve SoV / UoA supremacy.
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That I can agree with though value accrual for vast majority of middleware layers Ive looked at is still dubious. If its not equity-like, value accrual is tough, and even then, competition will drive fees down. Question is, why hold token? Work tokens fit sometimes but not always
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