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Fernando Nikolic, founder at Perception, observes that it is possible to build one of the world's most successful open-source software projects and still see the associated token value decline to zero.
He highlights that Ethereum has chosen a model where it operates as a benevolent non-profit, subsidizing low-cost Layer-2 blockspace and allowing value to accrue at the application layer.
Nikolic has previously highlighted how Bitcoin ETF wrappers were engineered for trading convenience. He has also discussed the potential for panic following a 15-9 Senate vote on stablecoin yield policy. These observations reflect his ongoing focus on structural features and market impacts in crypto finance.