Exactly, at some price point & fee rate the average person will be forced into layer 2 because as price goes up UTXOs become smaller in dollar terms. Right now it’s $400 for a 1M UTXO. Utxo management becomes untenable for average person.
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The open question I have is in this next cycle, I have no doubt fees will rise (as they already have) but with large institutional buyers doing batch transactions and a host of users doing nothing on-chain (only using ETF paper products) does it mute what would be an otherwise higher fee environment. 🤔