ETHEREUM'S VALUE ACCRUAL EXPLAINED

Summary from the TLDR Crypto newsletter

EF researcher Justin Drake sees the value accrual thesis for ETH as “ETH is money.” He argues it cannot be the settlement layer of the internet without becoming programmable money, and needs to grow to tens of trillions of dollars to provide economic bandwidth, security, and salience. The important metric is not fees but the percentage of ETH used as collateral money.