ETHEREUM'S IRREPLICABLE MOAT & WWIII-RESISTANT SETTLEMENT

Summary from the TLDR Crypto newsletter

Crypto natives are undervaluing how uniquely hard it would be to recreate Ethereum's politically neutral, globally shared settlement layer. The historical window that allowed Bitcoin and Ethereum to bootstrap legitimacy with open, general-purpose launches is closed, so new L1s are competing under very different, more financialized conditions. Meanwhile, institutional behavior is quietly confirming the thesis that when banks, fintechs, and tokenization projects pick a base chain, they increasingly default to Ethereum for its reliability, neutrality, and minimized counterparty risk. As more assets, rollups, and devs pile onto the EVM and rollup stack, its network effects compound, and with Fusaka as well as sharper EF execution, Ethereum's moat is widening rather than eroding.