Speaker unverified: belief

Transcript context

…I think there's another element of switching costs too, which is for participants in the crypto economy, ether is the coin trading pair and Bitcoin too, but probably ether more than Bitcoin for other coins and other objects. If you want to buy an NFT, you're buying that with Ethereum. You're not buying that with Solana tokens. If you want to buy Solana tokens, you're probably buying that with Ethereum. If you want to trade on Uniswap, I think ether is the number one trading pair on Uniswap. Then there's another level which is that if you're accruing tokens for participating in something that's built on top of Ethereum. Those are ERC-20 tokens, so maybe there are some mechanisms where you sell, you convert to something else, and then you get a new token if the project switches to another chain. But it seems incredibly complicated if not impossible to pull that off. I think just the fact that all these tokens are ERC-20 tokens, it has a switching cost as well. The thing that springs to mind is on the Bitcoin episode, we were talking about how entrenched the US dollar is versus Bitcoin because the government both settles its debts and collects taxes in USD. There are so many things that plug into the Ethereum network at this point that it's the same effect. If you're participating in a lot of these different projects, you're going to end up with ETH one way or another. Then, it's work for you and it's transaction costs for you to move that to a different blockchain.…

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