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Ethereum's Next Layer: The Political Economy for Lack of Baroture
The third spot is actually like 1% of those underlying revenues that Ethereum accrues in some way. Most of our deep dives have been on either layer 1s or application specific projects, like DYDX as an example. We have not done one of these models for L2s. And I think there's just more uncertainty around how that's going to play out.