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179 - The Bankless Origin Story - Raoul Pal
Bankless
Ethereum's Layer One Wins in Bear Markets
I think it's a product of valuation. Because valuation in the space is Metcalf's law. So it's about trying to get the most activity on your chain. I guess stagnation plays into that when the market is stagnant, there's no new capital coming in. So you're fighting for your share of the capital. You can see an NFT space as well, right? It's got the exact same thing is going on because there's a scarcity of capital. And they coalesce tell themselves different stories to try and attract capital via narrative. Once the space starts growing again, it does drop a bit. But it's particularly bad in bear markets. Yeah.
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