ETH Is Not Ultrasound Money: Part 1 - by Jon Charbonneau

Despite the title, you’ll be hard pressed to find someone more excited about Ethereum than myself. However, I believe the narrative and policy objectives around ETH the asset are in need of some refinement. It appears to be a pretty contentious issue based on my very scientific polling: This is the first of several upcoming pieces on my framework for ETH. I’ll cover the basics here: How value flows through the Ethereum protocol What ETH is exactly, and why it matters Why you’re probably wrong about blockchain “profitability” Future pieces will go much deeper: Comprehensive look at traditional assets, economics, and monetary policy to understand how crypto-assets fit in How stablecoins will factor into the evolving crypto-economy How ETH’s role may evolve in a rapidly changing tech stack (e.g., adding a DA layer, execution layer upgrades, users shifting to rollups, proliferation of LSTs, re-staking, etc.) What changes we may consider to Ethereum’s economic policy Why deflation doesn’t m

Despite the title, you’ll be hard pressed to find someone more excited about Ethereum than myself. However, I believe the narrative and policy objectives around ETH the asset are in need of some refinement. It appears to be a pretty contentious issue based on my very scientific polling: This is the first of several upcoming pieces on my framework for ETH. I’ll cover the basics here: How value flows through the Ethereum protocol What ETH is exactly, and why it matters Why you’re probably wrong about blockchain “profitability” Future pieces will go much deeper: Comprehensive look at traditional