The article makes a great point that the token industry is going to be commoditized as time goes on.

Following this argument the key for each player will be the underlying cost structure and serving capacity to offset the upfront R&D cost.

The cost infrastructure will be driven by access to cheap electricity and cheap chips. The capacity will be driven primarily by depth of pockets now to buy all available supply in chips/mem/data center building capacity. While China is certainly in the lead on cheap energy, I am wondering if they can/want to beat the > 1tn USD being spent on data centers right now. Following the example in the article:

If company C from China sells 10 units for 20 USD produced for 10 USD they pocket 100 USD.

If company A from America can sell 100 units for 20 USD produced for 15 units, they pocket 500 USD or 5/6th of the market's profits.