Lubin explains why single private party-controlled chains (de facto control, not de jure control) are unlikely to succeed.
It's not just permissioned blockchains or private blockchains. We can look at public blockchains as well.
- BNB Chain: Binance's chain has zero successful original projects that have come out of the BNB Chain ecosystem. The most successful one, PancakeSwap, is a Uniswap copy-paste clone focused on value extraction from users.
- chain: Did you know they have a chain?
- Dias and various other banking consortia: paying for R3 to make press releases about blockchain adoption for your bank ended up in failure:
- We can even extend this argument to various Bitcoin L2s and "Bitcoin DeFi." Nobody wants Bitcoin-focused DeFi, you want wide variety of competing assets, projects and technology providers and all of these Bitcoin L2 like Stacks are single horse games.
Credible neutrality is the key.
But of course, there are exceptions: Base. But Base is built differently, and they do have some genuine motive to drive the Ethereum ecosystem forward.
Permissioned enterprise chains were tried and failed years ago.
Why? Because nobody trusted the central controller of those chains enough to set up shop on those chains. We've seen the deplatforming story over and over for decades.
There might be ways to make some of these work, but that would involve achieving credible neutrality and rigorous decentralization. Doesn't seem like that will be the plan, or even achievable, for most of the corporate L1s projects.
From @tian_ling84099 (Paul Brody, EY):
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