Raoul Pal Says Blockchain Survival Depends on User Economics

Real Vision founder Raoul Pal says blockchain networks are more likely to endure when capital deployed per active user holds up, stablecoin balances rise and developers keep arriving, rather than when token prices look strong. Pal’s framework gives networks four possible routes to survival. They can become broad on-chain economies, as he considers Ethereum, Solana and Sui to be; focus on a specialized market, as Hyperliquid does; operate as a layer 2 that relies on another network’s security; or depend on a centralized platform’s financial backing, as he says BNB does with Binance.

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