OWNERSHIP & CONTROL OVER FEE STREAMS DOES ACTUALLY MATTER

one example

afaik, paradigm has invested in both COIN and OP

✅ if Ethereum scales mostly via Base (COIN) & The Superchain (OP), it’s all good

BUT

❌ if Ethereum scales mostly via Arbitrum (ARB), it’s not great

nor does it comfort paradigm's LPs that Arbitrum (ARB) is “extremely Ethereum-aligned & part of Ethereum”

paradigm’s investments cannot capture revenue (and thereby upside) from fees paid in the Arbitrum (ARB) ecosystem

#ETH