attention is the settlement layer

i've been writing about attention for years. but i finally have the framing that makes it click.

attention isn't just a resource. it isn't just valuable. attention is the settlement layer of the digital economy.

the analogy

in traditional finance, settlement happens through clearinghouses and central banks. these are the layers of ultimate truth—where transactions become final.

in crypto, settlement happens on base layer blockchains. bitcoin settles bitcoin transactions. ethereum settles ethereum transactions. finality happens at the base.

in the creator economy, in media, in the entire attention-based internet: attention is where settlement happens.

nothing else can occur until attention is paid.

the stack

every digital transaction sits on top of attention:

• attention → you notice something exists
• engagement → you interact with it
• trust → you develop conviction
• transaction → you exchange value
• relationship → you continue engaging

skip any layer and the stack collapses. you can't have transactions without trust. you can't have trust without engagement. you can't have engagement without attention.

attention is the foundation. it's not one step in the process—it's the layer everything else builds on.

why this matters

if attention is the settlement layer:

platforms are central banks. they control the issuance and flow of attention. they can inflate or deflate attention to any creator or topic. their algorithm is monetary policy.

reach is liquidity. having an audience means having access to the attention settlement layer. you can convert that attention to other forms of value.

attention fragmentation is like currency fragmentation. when attention splits across platforms, it creates friction. cross-platform value transfer is expensive and lossy.

verification matters. in financial settlement, you need to know the transaction is real. in attention settlement, you need to know the attention is real. hence the bot problem.

the crypto connection

crypto people understand settlement layers. they understand why the base layer matters more than applications built on top.

but most crypto projects still treat attention as marketing. something you do after building the product. this is backwards.

attention is infrastructure. it's not the thing you do to get users—it's the base layer that makes users possible. projects should think about attention architecture the same way they think about technical architecture.

implications

the platforms that control attention settlement have more power than we acknowledge. they're not just distribution channels. they're the base layer of the entire digital economy.

every transaction, every relationship, every conversion—all of it settles through attention first.

we should take that seriously.