I share your skepticism about how much covenants can scale on-chain throughput. James makes a good point about CTV alleviating the thundering herd problem. But if fees are permanently higher than what people can afford it won't help.
I share your skepticism about how much covenants can scale on-chain throughput. James makes a good point about CTV alleviating the thundering herd problem. But if fees are permanently higher than what people can afford it won't help.
No one will ever use congestion control as defined by CTV.