Most layer-1s still fund validators by taxing holders with inflation. Avalanche Foundation economists want inflation at zero — and validators paid from value the chain actually captures. "What if we could lower inflation to zero and give them the value that they captured? That's a structural reason for validators to stay." @AvalancheFDN CIO Matias Antonio (@frostLedger) and Lead Economist Eric Lu (@eric_lu_sc) on measure → capture → distribute. Layer One EP18, with @imyoungsparks and @John1wu: 00:00 - Introduction 05:54 - GCP and GCI: measuring chain productivity 08:31 - Capture: why value never reaches the token 09:24 - Distribute: paying validators without inflation 11:09 - GDP, GNI and a very low tax rate 12:37 - Output vs income, and what each costs to tax 17:42 - Dormant capital and the gas floor 24:39 - The Ethereum staking-ratio fight 31:05 - A Laffer curve for a blockchain? 35:26 - Why economists, and why now 46:16 - Twelve months out(The Block)