Metta

Source.

US Debt hold by China and Stablecoin

Some high yield on Stablecoin Farming. USDB is on Blast: https://blast.io/ Just curious, what is preventing you guys from trying? Mainet is Ethereum Layer 1. Base/Blast/Arrbitrum are Ethereum Layer 2 Solana is a Blockchain Layer 1 (similar to Ethereum Mainet).

Retails came in and bought Ripple on Coinbase.

Ripple is the best Crypto Tech in long term? Result from almost 200K voters. After many years in Crypto, I never really seen real metrics on adoption of Ripple, especially compared to Ethereum/Solana... Seems that most retails got mislead about Ripple?

From Coinbase Earning Call. Stablecoin is one the best PMF of Blockchain Tech. While banks close on Weekend, Stablecoin Network continue to operating 24/7/365 globally.

ETH had 20x since the start of 2020. The price of ETH at the start of 2020 is around 130. Now the price of ETH is 2700.

Agree that a lot of things in Crypto is still circular. But that's an opportunity for investor in my view. Once crypto goes mainstream, the market will be more efficient. More importantly, the growth and upside will be smaller. Current onchain user is about 30M-50M. It's similar to Internet before Facebook. Also, should noted that investing in Crypto even in Coin with fundamental feel more close to venture investing than traditional value investing in public company. There are chances for classic value play after FTX crash thought. Meme coin or poor fundamental coin is mostly gambling.

Your idea is similar to Robinhood CEO. Crypto Tech is more efficient and can reducing cost. Here is an example" "ROBINHOOD USES STABLECOINS TO FACILITATE TRANSACTIONS AND SETTLEMENTS BETWEEN CASH AND CRYPTO 24/7, PARTICULARLY ON WEEKENDS WHEN THE BANKS ARE USUALLY CLOSED". Video:

Sorry to hear that. Staking ETH during the time when ETH price went from around 5000 to 1000 is not fun. Plus gas/tx fee was high. On the other hand, if you staked ETH during the time when ETH price went from around 1000 to 4000 is quite good. Plus you get Airdrop from restaking protocols. Plus gas/tx fee is much cheaper now. If you do it on Layer 2, the tx fee is even sub cent. Actually, staking ETH and calculated PnL in USD is not much different than you staking USD(buy TBill) and calculated PnL in Gold. If you don't want to take the price risk, just try farming with Stablecoin. For example, right now you can get default 13% yield on usd stablecoin on Blast. https://blast.io/. You can juice it up to 80% if you are willing to take some price risk in Blast token. For the tax, I have no comment on that.

Thank you for your question. This is where it got really interesting and tricky, even I has CFA and decades of investing exp. Ethereum current supply is around 120M token with the market cap is around $300B. Only 60M (half of the supply) are staked to get the yield. The yield is currently around 2.8%. Why only 60M ETH is staked to get the yield? What does people do with other 60M ETH? There are many reasons for this: 1. People can get the yield higher than 2.8% from straight ETH from DeFi. For example, you can deposit straight ETH to lending protocol like Morpho to get 4% right now. In the previous months, the ETH yield on lending protocols are even higher: 20%, 30%... Why is that is for other time. People can also got higher ETH yield by becoming the market maker on Decentralized Exchange like Uniswap. 2. A lot of straight ETH is deposited on Centralized Exchange like Binance/Coinbase for trading. 3. People deposited ETH to Layer 2, other protocol to get Airdrop. 4. People hold ETH for consumption: buy token, buy NFT, pay for transacntion fee... So your question is actually translating to: "Staked ETH with $150B market cap should produce $15B/year to the owners of the token. Help me understand how we can get there?"

BUIDL from BlackRock can offer yield to inst US investors. But anyway, the point I tried to make is that many yield in DeFi is not just circular but come from real world as well.

Yes. But the thing is it got to $200B in few years without even clear regulation. That's very impressive growth. What do you mean by "when the US releases its own fully backed/endorsed digital dollar?" A stablecoin like USDC is 100% issued by Circle a US company? 100% backed by Tbill and Cash in Bank.

Just checked again. You are right. I was wrong on this one. 2017 was a soft fork. Sorry my bad on this.

Enterprises are exploring Layer 2 on Ethereum. For example: 1. Sony launched Ethereum Layer 2 Soneium: https://www.sony.com/en/SonyInfo/News/Press/202501/25-002E/ 2. Robinhood is deploying its USDG stablecoin on Ethereum: https://crypto.news/kraken-galaxy-digital-and-robinhood-back-usdg-via-global-dollar-network/ 3. Deutsche Bank/UBS is building their own L2 on Ethereum as well: https://www.coindesk.com/tech/2024/12/18/deutsche-banks-l2-blockchain-to-be-public-and-permissioned-says-tech-partner

Yes, it's indirectly. But it's still pass yield. If you want to hold directly yield bearing stablecoin, there are many other options like USDM, USDY... from other stablecoin providers.

The number speaks for itself. There are already $220B tokenized USD on Blockchain. Of those $220B, $120B is on Ethereum. And the trend is clear.

You are right that Ethereum Network quite depend on Ethereum Fdn in 2016. But now in 2025, things have changed. There are so many team/capital building on Ethereum outside of Ethereum Fdn. For example, Ethereum Fdn not even developd the client software but 4-5 different teams developed. In short, Ethereum is really decentralized now. ETH ETF is the approval for the decentralize property of ETH.

This is not true. The current Bitcoin chain is not an OG chain. It is a hard forked version after 2017 hardfork.

Here is addition data from Claude AI: Let me help analyze the adoption of Bitcoin Lightning Network (LN) compared to Ethereum Layer 2 (L2) solutions. Since my knowledge cutoff is April 2024, I'll focus on the trends and metrics up to that point. Key Metrics Comparison: Total Value Locked (TVL): Ethereum L2s: As of early 2024, the major L2s like Arbitrum, Optimism, and Base collectively held over $35 billion in TVL Lightning Network: The Bitcoin locked in Lightning channels was significantly smaller, around $200-250 million in total network capacity Active Users/Addresses: Ethereum L2s: Arbitrum: ~500,000-700,000 weekly active addresses Optimism: ~300,000-400,000 weekly active addresses Base: ~200,000-300,000 weekly active addresses Lightning Network: More difficult to measure precisely due to its off-chain nature, but estimates suggested around 100,000-200,000 active nodes/channels Transaction Volume: Ethereum L2s: Combined daily transaction volume across major L2s regularly exceeded 1-2 million transactions Lightning Network: Daily payment volume was harder to track due to its private nature, but estimates suggested hundreds of thousands of transactions daily Developer Activity: Ethereum L2s: Very high developer activity with multiple teams building infrastructure, applications, and tools Lightning Network: Steady but smaller developer ecosystem, focused primarily on payment applications and wallet infrastructure Noted that Ethereum Layer 2s had growth bigger from Apr 2024 until now.

I provided arguments and evidence for what I said about Ethereum Layer 2(and other things). That security trade off makes Lighting old tech compared to Eth Layer 2/Rollup. And could you provide your evidence about the adoption of Lighting after over 7 years?

The Lightning Network is a side chain from what I know so its has security trade off. That's one of the reason it never really take off after long time. Ethereum Layer 2 is modern tech and see real adoption through user base and asset base. How much Stablecoin USDT on Bitcoin compared to Ethereum? Metrics of Ethereum Layer 2s. https://www.growthepie.xyz/

It's true that a lot of yield in DeFi is still circular. But real world yield from TBill/TBond also presented in DeFi on Ethereum. For example, if you hold USDC on Coinbase Wallet, you get 4% yield. This yield is from TBill. BlackRock also has tokenized money market fund BUIDL on Ethereum that offers tbill yield. "If I'm Schwab and decide to tokenize stocks, why would I use ETH instead of my own internal ledger OR some agreed upon industry standard/protocol?" Because of Liquidity/User. If you list your tokenized stock on Ethereum, you will have a chance to access hundred of billions of liquidity and millions of users. This is the same reason of lot of companies from foreign want to list on US market because of deep liquidity and rich users. Tbh, the liquidity/user on Ethereum is still small when compare to NYSE/NASDAD. But things will improve/growth. Just think how online commerce(Amazon) has improved/growth compared to tradition retail(Walmart).

It's true that Ethereum is getting small fee from L2s. But this is a new market and is in growth phase. Dozen of Ethereum Layer 2 are launching and attracting user base and asset base. This is pushing the fee up as in below chart. Scaling through Layer 2 is the right strategy if we want to bring billions of people onchain. The Internet is running on millions of Servers. The Blockchain that can serves billions of people will be run on thousands/millions of Layer 2. The monolithic architecture of Solana face the dilemma between scaling and decentralization. Solana is scarifying decentralization currently to have high throughput.