X @Raoul Pal

If Metcalfe’s Law is the best way to value blockchains, which I believe it is, then the two variables that matter are value transacted per user and total users. They compound.The key future drivers:Value transacted per user will come from the financial system moving to blockchain rails, led by stablecoins and then the tokenization of everything else. TradFi value dwarfs everything else.User growth will come from agents. Smaller transactions, but orders of magnitude more users than humans will ever produce.E ...