Raoul Pal: Most Public Blockchains Are Destined to Die

Pal's framing shifts the survival question from technology to economics: chains that cannot sustain user activity through a drawdown are effectively attrition statistics, not platforms. The concentration claim matters most for builders and token holders on the long tail, since it implies liquidity and developers keep gravitating to a handful of venues regardless of new launches. The open question is whether the four-path taxonomy holds as L2s and vertical apps mature, or whether density keeps consolidating into the named few.