On Stripe/Circle L1s: > from a first principles, it doesn't make a lot of sense that these aren't L2s. the argument "they already have millions of users, they don't care about ETH ecosystem effects" is nonsensical. there isn't any business in the world that thinks in terms of "i have enough users, why go somewhere with a bigger TAM"? > a legit but, imo, short-sighted argument for an L1 is simply bigger valuation/token price > both Stripe/Circle are strong companies with smart people but never underestimate how layers of management/bureaucracy/not good knowledge of an emerging industry can lead organizations to poor decision making > from a first look, this may seem like a miss for Ethereum but it opens up new avenues for product innovation and GTM. as a teaser, I will remind everyone that arguably the biggest innovation from Anthropic isn't Claude but MCP 🤓