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Raoul Pal, co-founder and CEO at Real Vision, examines the value of Layer-1 (L1) blockchains by focusing on Ethereum's foundational role within the crypto ecosystem. Pal describes a scenario in which switching off Ethereum would render all stablecoins, DeFi protocols, Layer-2 projects, and NFTs built on it worthless, demonstrating the network's core importance.
Pal notes that L1 blockchains, especially Ethereum, attract significant assets, capital, and activity because of their ability to aggregate intelligence and foster innovation.
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Pal has previously emphasized crypto’s foundational role as native digital money for new technology in the digital age. He has also commented on U.S. bond market interventions, noting the Treasury's move to double long-end buybacks after the 30-year yield hit a 19-year high in a recent episode. These views appear as he continues to analyze core infrastructure trends across both traditional and digital finance.