The derivatives layer is another $1.2 QUADRILLION

Feels more like ETH than BTC as the dominant player.

Total equities traded per annum globally is around $70 trillion.

Tokens are more likely ETH and other protocols

Total size of FX market transactions per annum is $1.7 QUADRILLION.

BTC, ETH, XRP, etc

Total global debt market is $260trn.

Non-gov debt is likely ETH. This doesn’t include total lending market which would double this...

And then we can tokenise assets from real estate to intellectual property rights, from gaming skins to fixed assets, from securities to income streams

That is probably ETH

Then we can add in global supply chains and other commercial networks... another few hundred trillion

This is ETH, EOS and others...

And then we can add in trade finance, credit cards, stock lending and borrowing, repo markets for bonds, etc

Almost no one in crypto understands the size of financial markets.

It is never ever going to be winner takes all. It is near impossible as each blockchain has its limitations and trade offs and that suits the complexity of the financial world.

This is why I care about the entire DA space.

There will be many enormous winners, many failures, many scams, many false dawns but in the end, trillions and trillions of value will accrue across digital assets, tokens, protocols and crypto that tie all of this together.

The future is a super network of blockchains with the most pristine being bitcoin and the risk curve moves out from there.

Any other outcome accruing to one winner is nothing but false hopes and dreams.

My hunch is BTC is a perfect collateral layer but ETH might be bigger in market cap terms in 10 years for the reasons above.

Money and collateral is just the base layer. Everything builds on top.

The store of value is collateral, the trust layer and exchange of value is bigger