Post-Scarcity Crypto: Scarcity, Settlement, and the Protocolization of Value in Distributed Ledger Systems

Abstract

Early cryptocurrency discourse centered on digital scarcity as the primary source of value in non-sovereign monetary systems. While scarcity was foundational to the emergence of cryptoassets, the rapid diversification of distributed ledger architectures has increasingly decoupled scarcity from long-term value attribution. This paper argues that cryptoassets may be entering a post-scarcity phase in which value formation is driven less by fixed supply and more by settlement capacity, infrastructural interoperability, and the efficient clearing of obligations. Drawing on historical financial practices, internet protocol development, and contemporary ledger architectures, the paper proposes a structural distinction between asset-centric and protocol-centric systems. It suggests that mature crypto valuation may increasingly reflect the role of ledgers as settlement infrastructure rather than as bearer assets. The analysis is descriptive rather than prescriptive and does not privilege any specific network or token.