> The alternative is worse for everyone in crypto, because if the long-term future is multi-chain (ie. pushed out usecases don't go back to ethereum once it's s

> The alternative is worse for everyone in crypto, because if the long-term future is multi-chain (ie. pushed out usecases don't go back to ethereum once it's scalable enough, and activity spreads everywhere looking for low fees) then the whole space has almost no ability to extract rent. That would mean the stable fee level is some small margin over actual running costs. Which means total crypto market cap <$10B. I don't think this is the case because on chain protocols can give a lot a discretion torward how fees are done (i.e on a decentralized options exchange that allows anyone to create/govern their own liquidity pools that sets their own pricing/pool parameters, people may be willing to pay a premium for pools that have better parameters than others, people may be willing to pay a premium lower levels of margin requirements than others, manage risk better than others, etc)