In his talk at the Bankless Summit, Mike Neuder delves into the idea of ETH as permissionless money. He argues that ETH's value is rooted in robust property rights, which began on Ethereum's Layer 1 and have been carried over to Layer 2 solutions through mechanisms like forced withdrawals. Neuder also examines ETH's monetary characteristics, pointing out its low and sustainable inflation rate, the burn mechanism that counterbalances a large portion of new ETH issuance, and its function as both a medium of exchange and a unit of account in the wider crypto landscape. He contrasts ETH's permissionless nature with the permissioned structure of stablecoins like USDC and USDT, highlighting ETH's unique position as a decentralized and sound monetary asset.
