He continued:
Ethereum’s Lead in RWAs Why Fees Remain Low Stablecoins and DeFi: Trillions by 2030?Reactions to Hougan’s comments reveal a clear divide.
Another camp insists blockspace is inherently forkable and competitive. If fees rise meaningfully on one chain, developers can migrate to alternatives or deploy rollups that reduce base-layer congestion. In that scenario, blockspace remains structurally abundant.
The Chainlink AngleThe same individual contended that standards and interoperability infrastructure could capture more value than any single base layer.
“I think this is definitely possible. As mentioned, I’m not sure we know yet. FWIW, I think Chainlink wins in either world — the commoditized world with thousands of chains linked through CCIP or the world with an oligopoly of select L1s with some element of pricing power. It just wins in different ways.”
An Open QuestionHougan’s core point is not that L1 blockspace will become scarce. It is that the market has not yet tested the limits. And until it does, the “commodity” label may be premature.
FAQ What percentage of RWAs are on Ethereum? Ethereum currently holds about 60% to 70% of non- stablecoin real-world asset tokenization. Why are blockchain fees still low? Major networks built excess blockspace capacity, keeping transaction costs subdued despite growing usage. How large could stablecoins become by 2030? Some projections estimate stablecoin market capitalization could reach $2 trillion to $4 trillion by 2030. Will top L1 chains keep their dominance? Opinions are divided between strong network effects locking in leaders and abundant, forkable blockspace keeping competition intense.
