Yes indirectly in that he assumes complete stasis in both consensus and layer two architecture. meaning if we get CTV+CSFS and ARK gets deployed with those some level of self custody will scale MASSIVELY bigger than he is stating.

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What kind of changes in consensus are you referring to?

On a long enough time frame it seems reasonably likely they we get some sort of covenants soft fork. Maybe big or small, maybe soon or very far out. But there’s a decent chance.