Possibly contains some additional insights relevant to this discussion (and sorry if this is redundant. LMK and I will post elsewhere)…
The Economics of Smart Contracts (Submitted on 23 Oct 2019)
by Kirk Baird, Seongho Jeong, Yeonsoo Kim, Bernd Burgstaller, Bernhard Scholz
We show that the actual costs of executing smart contracts are disproportionate to the computational costs and that this gap is continuously widening. We show that the gas cost-model of the underlying EVM instruction-set is wrongly modeled. Specifically, the computational cost for the SLOAD instruction increases with the length of the blockchain.