The vision of Internet Capital Markets (ICM) requires solving a paradox: maintaining a single global liquidity state that somehow respects fragmented local jurisdictions. Multicoin Capital posits that the current blockchain landscape is bifurcated between the fragmented liquidity of Ethereum L2s and the rigid global state of monolithic chains. The alpha lies in Solana’s roadmap to bridge this gap through Multiple Concurrent Leaders (MCL). By allowing simultaneous block production, Solana aims to multiply "effective stake," giving smaller jurisdictions and regulators the mathematical assurance of credible neutrality without fracturing the network into sovereign silos.

Institutional adoption hinges on market microstructure, not just throughput. The deployment of Application-Controlled Execution (ACE) represents a pivot from "raw speed" to "customizable fairness." This feature allows venues—whether the London Stock Exchange or a permissionless DEX—to implement specific ordering rules like maker rebates, priority liquidations, or taker speed bumps directly on the L1. This effectively neutralizes the argument for permissioned app-chains; institutions can now retain sovereignty over their execution logic while tapping into Solana's unified global liquidity pool.

The analysis concludes that the "modular" thesis touted by the Ethereum ecosystem fails the requirements of a true ICM. While Ethereum L1 possesses censorship resistance, its L2 ecosystem fractures liquidity and centralizes sequencing, destroying credible neutrality. Solana stands alone in attempting to scale a single state machine that satisfies the four pillars: Global Liquidity, Censorship Resistance, Credible Neutrality, and Jurisdictional Sovereignty. For allocators, this signals that the infrastructure layer war is shifting from "speed" to "sovereign flexibility" within a shared state.