This podcast features a discussion among three individuals—Jason, Jonah Weinstein, and Dan Smith—regarding the nature of Layer 1 (L1) blockchain tokens. The panelists debate whether L1 tokens are best categorized as companies, commodities, money, or a hybrid. They largely agree that L1 tokens are not companies due to their decentralized, multi-stakeholder nature, contrasting with the singular entity of a traditional company. While agreeing that L1 tokens fit the definition of money as a medium of exchange, the discussion delves into the nuances of their current usage versus their potential future role in settling large-scale, globally significant transactions. The panelists also explore the deflationary aspects of L1 tokens and the role of supply and demand in determining their value, particularly in relation to staking and DeFi applications.
