🔐 Does Ethereum L1 Have a "Moat"?
A new mental model suggests Ethereum's mainnet retains a unique competitive edge, especially as stablecoins and real-world assets (RWAs) increasingly anchor on-chain.
📊 A Uniswap Case Study:
2020–2022: Volume was exclusively on Ethereum L1.
2022–2025: Volume spread across Ethereum + L2s & other L1s.
2026–2028 (projected): Volume may shift toward "Ethereum-mostly", driven by stablecoins & RWAs.
💡 The Thesis:
While L2s and alt-L1s have captured significant activity, Ethereum L1 remains the settlement layer of choice for high-value, trust-minimized assets like institutional stablecoins and tokenized real-world assets.
🛡️ The "Moat":
Ethereum’s security, decentralization, and deep liquidity could sustain its dominance in high-stakes financial use cases, even as scaling layers grow.