Variant: Three L1 Assets That Could Become Primary Stores of Value
The core belief at Variant is that individuals should own their money, identity, and data. A key framework for evaluating first-layer blockchain (L1) networks is viewing their native tokens as potential stores of value (SOV). A good SOV asset is defined by several key attributes: technical durability (its likelihood to exist and function in 5-10 years), scarcity and predictable inflation, censorship resistance, economic productivity (its utility in facilitating economic activity), memetic strength (widespread social consensus on its value), and liquidity.
Based on this framework, three L1 assets are highlighted as leading contenders for becoming major SOVs, each excelling in different dimensions:
* **Bitcoin (BTC)** is dominant in memetic strength, widely recognized as "digital gold." Its growing belief network among individuals and institutions reinforces its SOV status.
* **Ethereum (ETH)** excels in technical durability and adaptability. Its ability to upgrade and a transparent roadmap provide confidence in its long-term resilience against future challenges.
* **Zcash (ZEC)** offers superior censorship resistance and privacy through its shielded pools. This provides individuals with a long-term option to protect assets from confiscation or surveillance.
The total market for SOV assets like gold is immense (gold's market cap is ~$31T). Despite often surpassing traditional SOVs on these fundamental metrics, digital assets currently capture only a small fraction of this market, representing a significant opportunity for growth. The article posits that multiple digital SOVs can coexist in this expanding space.
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