Is it just me or is the notion that mcap of protocol token has to be larger than tvl just silly
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E.g. With a market value of $66 billion, Schwab trades at 2% of total client assets. if mktcap of banks was forced to trade above aum, capitalism would break
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Yes in a ham-fisted “steal the staking tokens and you stel all the value” model network value = network security. This doesn’t scale though, so maybe time to come up with more nuanced security models
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