If EVM smart contracts can encode any monetary policy, what actually prevents someone from recreating Bitcoin’s issuance model on Ethereum? We already see ERC-20s that copy supply caps or halving curves, yet none of them gain monetary credibility. What’s the structural reason an ERC-20 can’t function as a true Bitcoin competitor?
To me, this suggests the market is missing something fundamental and out of touch with the technology, because on paper, a Bitcoin-style asset on an EVM chain should come with several clear advantages.