Metta

Comeback to see any more interested minds about Ethereum and Blockchain.

The Bull Case for ETH is $700,000. 280x from current price of $2500. 38 pages report here https://ethdigitaloil.com/

The Bull Case for ETH is $700,000. 280x from current price of $2500. 38 pages report here https://ethdigitaloil.com/

I see 15-day rolling period in the footnote.

Is this too linear but directionally correct? Apollo presentation has quite numbers of chart showing the current economic situation. https://www.apolloacademy.com/wp-content/uploads/2025/04/042625-ConsumerandFirms_v2.pdf

Matt Huang made 5000x on Byte Dance investment. About Crypto: "I think crypto is progressing in three rough stages. First as money, second as a financial system, and third, as a kind of Internet platform. And I think it's coming into focus most on the first two. Useful as money, useful as a financial system. I think the Internet platform is probably the most illegible at the moment." This podcast is very good for people to understand more about Crypto. https://joincolossus.com/episode/investing-at-the-frontier/

The Revenue of Ethereum and how it distributes revenue to different stakeholders.

He who controls Internet controls the world. The US Gov can control the information they want to release to the public(Like JFK File) on Internet. Those two statements are NOT incompatible. Ethereum is a decentralize network similar to Internet. Because "he who controls ETH controls the world" so everybody will want to control part of it, making it decentralize. Just a side note: the US government probably will NOT tokenizes its securities but the private US sector(like BlackRock) will tokenizes US securities.

BlackRock’s head of digital assets: “ETH is a bet on blockchain adoption and innovation". "ETH is a bet on tokenization, on stablecoin adoption, and on decentralized financing,” Link: https://www.cnbc.com/2025/03/20/blackrocks-head-of-digital-assets-says-staking-could-be-a-huge-step-change-for-ether-etfs.html

The US Gov still control monetary policy and fiscal policy when USD stablecoins are issued by private sector on Blockchain like Ethereum. Stablecoin/Blockchain is just a rail similar to Visa/Mastercard for payment/money transfer. The different: Stablecoin is cheaper, faster, more programable, and more global. Stablecoin/Blockchain is a really good tool for US Gov to export dollar and other assets to the whole world through Tokenization. 60%-70% of Tokenization(USD Dollar, TBill, Private Credit...) is happening on Ethereum today.

This will take 5Y to 10Y for many people to see it. We currently have $220B USD tokenized and $4B Treasury tokenized. Once trillions of USD, Treasury, other fiat currencies and other assets are tokenized then controlling the Blockchain that hosts the most economic activities will be geopolitical important. Many countries depend on Internet for economic activities now. Many countries will depend on Blockchains for finance/economic activities in the future. And unlike Internet, there is a token for a Blockchain.

"Agree, DA needs to expand & be cheap until the moats are developed: - Moat 1: liquidity & economic network effects, through cross-rollup interop - Moat 2: trust & security network effects, through native rollup execution"

"If Ethereum were a company, it would be more concerned with growing network effects and user base than worrying about trivial details that are easy to fix later (like some kind of minimum tx or blob fee). ETH is not money if nobody uses it."

More discussion on the value accrual problem to ETH asset from Dankrad - an Ethereum Researcher at Ethereum Foundation: Currently Ethereum is making almost zero fees from both L1 and L2 transactions *because it chooses to*: If we were a company, we would put a reasonable price tag on transactions, and raise it when there is congestion. But instead, we currently charge very close to zero for transactions and DA when there is no congestion, and the result is there is almost zero fees. Looks bad when you want to evaluate Ether based on that! But here comes the more tricky part: In its current form, it may well be that Ethereum DA does not have much of a moat. It provides very little UX benefits, and only very abstract security benefits that will probably be very closely replicated by alt-DA. Therefore, the moat for DA is low and it's likely Ethereum will never charge significant fees over a long time period. So what should be the plan? My best guess is: - scale L1 to make sure that integration with Ethereum remains attractive - scale DA to make sure that we lower the incentives for alt-DA (this doesn't have to mean lower fees. We can just charge a fee!) - work on shorter block times, single-slot L2 interop etc. to maximize value of Ethereum DA

Yeah. Global Financial System moving to Ethereum is quite a bet. What's your view? Do you think that Global Financial System will be moving on to Blockchain similar to the information system moved on to the Internet? If so, which Blockchain will get the most benefit from this trend?

Very interesting view point on the valuation of ETH. His view point is simple: "Ethereum’s value lies not in fees or scarcity, but in its role as the backbone of a new global power struggle." "Ether is the geopolitical soft-power of the future. He who controls the ETH, controls the world." https://www.the-edge.xyz/p/the-nation-state-thesis-of-ethereum

In this particular case, you hold stablecoin(USDC/USDT) so you don't take principle risk like in your case(staking Curve, AAVE token). Also no locking period, can withdraw principle anytime. The reward(yield) is liquid, can claim and sell every second if you want to.

Need to study the protocols(team, smart contract...) and manage risks here.

It offers 50% yield in limited time(2 weeks) and has hard cap(about $1M). Think of it as a promotion period to bootstrap the biz. So not really shady.

On the contrary, Blockchain can be a very transparent tech for finance if users know how to use it. Otherwise they fall to scams.

Yes. All valid reasons to hold stablecoin. But people can earn yield from stablecoin onchain as well without Stablecoin Issuers paying the yield. For example the current yield when depositing USDC/USDT on lending platform AAVE is 3.36%. This is low in bear market but in bull market, this yield can be well over 20%. Even today, you can still earn 50% yield on stablecoin if you know where to look and willing to take some risk:

This image compares the US Treasury hold by China and Stablecoin Issuers. If this trend continues, Stablecoin Issuers will soon hold more US Treasury than China. This is why Scott Bessent badly want to grow the Stablecoin.

https://coinshares.com/corp/resources/knowledge/ethereum-staking-yields-explained/ https://ethresear.ch/t/is-it-worth-using-mev-boost/19753

"We are going to keep the US the dominant reserve currency in the world and we will use stablecoin to do that." Stablecoin is going to be really important so I just want to create a separate thread to focus on stablecoin.

An interesting point is that the best biz model with highest revenue/profit in Blockchain currently is from Stablecoin developers. Tether/Circle currently have highest profit. alxcii Do you think that Tether/Circle profit is sustainable or other competitors will show up(like USDG from Robinhood?)