> Secondly, the vast majority of the market cap is in crypto that isn't proof of work. Source? I haven’t added up the long tail but this seems dubious given th

> Secondly, the vast majority of the market cap is in crypto that isn't proof of work. Source? I haven’t added up the long tail but this seems dubious given the dominance of bitcoin/ethereum. > Even bitcoin is moving towards a layer2 solution with the lightening network that means the settlement layer won't continue to put more pressure on needing more and more wasted energy. Layer 2 doesn’t solve this. Only ~2% of the rewards that compensate miners come from transaction fees. At best, layer 2 could cut out that 2% of incentives.