In other words: you apply PoW in tx cost by dividing each block reward by all transactions it secures, which is all transactions in the chain. As such, the price of block rewards (12.5) per tx (350 000 000) is 3.6 sat per block, or 189216 sat/year, or 121$
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Yup, and that tx cost will get even lower (further amortized) as the chain gets longer. That's before accounting for all the L2 transactions.
@LaurentMT went a lot deeper into the unit cost efficiency of PoW:https://medium.com/@laurentmt/gravity-10e1a25d2ab2 …
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