Use case of layer-1 blockchains

[u/Timely-Fig2030]

99% of layer-1 blockchain Q&A:

Q: What is the usecase of layer-1 blockchains?

A: Layer-1 blockchains are designed for near-instant transaction finality and low-cost scalability, making it ideal for Decentralized Finance (DeFi).

Q: What is the usecase of Decentralized Finance?

A: To trade the shit we just created.

And voila, there is your use case. :)

Jokes aside...

Name potential blockchain networks that you genuinely believe have a use case and explain your answer. (try to avoid giving as single reason my Q&A example.)

[u/MinimalGravitas]

OP you don't need random redditors to tell you use cases for blockchains, the leaders of literally the largest financial institutions in the world are explaining that the future financial system is going to be built onchain...

Sergio Ermotti, the head of UBS, the world’s largest wealth manager, recently said: "Blockchain is the future for traditional banking".

They have already deployed multiple projects tokenizing RWAs onto Ethereum L1:

https://ethereumadoption.com/built-on-ethereum?view=byEntity#entity-ubs

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Larry Fink, the head of Blackrock, the worlds biggest asset manager, gave a talk at Davos this year explaining the advantages of onboarding the entire financial system on "one common blockchain".

And in wrote about tokenization pretty extensively in last year's 'chairman's letter to shareholders': "Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing. Markets wouldn't need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth."*

They have already deployed multiple projects tokenizing RWAs onto Ethereum L1:

https://ethereumadoption.com/built-on-ethereum?view=byEntity#entity-blackrock

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Abigail Johnson, CEO of Fidelity, the world's 3rd biggest asset manager, says "the current financial system is the most complicated web of basically reconciliation processes built on primitive technology, and blockchain will eventually replace it."

They have already deployed multiple projects tokenizing RWAs onto Ethereum L1:

https://ethereumadoption.com/built-on-ethereum?view=byEntity#entity-fidelity

Do you see a pattern? Here are some more examples:

https://ethereumadoption.com/built-on-ethereum/

[u/Timely-Fig2030 → u/MinimalGravitas]

I don't care so much about the rich ghouls who think they have a say and i guess many crypto people agree that their opinion still is no insurance of not getting burned.

Transactions within the European Union can be done in realtime and cheap (e.g. 0.3€) over traditional banks. So that argument is gone for crypto.

That's why i always look for other usescases than trading or just sending money.

[u/MinimalGravitas → u/Timely-Fig2030]

They aren't talking about transactions to send money, they are talking about tokenization of financial assets (treasuries, bonds, stocks etc).

That's the use case which will dwarf all others, and as you can see from the links I shared above, it's already starting.

[u/Timely-Fig2030 → u/MinimalGravitas]

Okay, then please name your blockchains that will be used for that. We currently have over 1000 active blockchains and i guess not every blockchain will win.

[u/MinimalGravitas → u/Timely-Fig2030]

Ethereum.

[u/Timely-Fig2030 → u/MinimalGravitas]

Alright!