I am 100% aligned with almost all of what Tom @fundstrat says here. Yes, Wall Street will stake because they currently pay for their infrastructure and Ethereum will replace much of the many siloed stacks they operate on (e.g. JPMorgam probably operates on several siloed stacks from all of the banks they've acquired and absorbed over the years). They will need their heads fully in our game, because our game will be called ... Finance. They will need to become a TradFi company that operates on decentralized rails, and that means staking, running validators, operating L2s/L3s/etc, participating in DeFi and writing smart contract software for agreements, processes and financial instruments, etc. This will be a relatively easy transition for JPM because they've been exploring and using Ethereum technology for their private blockchain networks since 2014-2015. And many other financial institutions also have solid Ethereum experience. The narrative of L2s cannibalizing L1 will very soon be shattered. See @lineabuild and Proof of Burn at github.com/ETHCF/beth for an example of how this will soon pick up momentum. Yes, ETH will likely 100x from here. Probably much more. Yes, Ethereum/ETH will flippen the Bitcoin/BTC monetary base. Yes, Tom and I are friendly and get on calls intermittently to discuss elements of the strategy and ways we can collaborate in the general furtherance of the strategy even while we compete in highly differentiated ways over time. The one quibble that I have with what Tom has been saying, and I keep telling him this: he is not nearly bullish enough. But the real problem is that it is not possible to be bullish enough. Nobody on the planet can currently fathom how large and fast a rigorously decentralized economy, saturated with hybrid human-machine intelligence, operating on decentralized Ethereum Trustware, can grow. Trust is a new kind of virtual commodity. And ETH, the highest octane decentralized trust commodity, will eventually flippen all the other commodities on the planet. Decentralized trust is all you need.

This is Ethereum. There are 291 projects, companies, protocols and communities in this image. It is still only a fraction of what has been built. What makes this remarkable isn't just the scale. It's how that scale was created. There is no parent company behind all of this. No CEO allocating capital across these projects, no central entity deciding who gets to build or what the ecosystem should become. Thousands of independent teams, communities and individuals have built their own piece of Ethereum, often with completely different goals, while sharing the same underlying infrastructure. Finance, credit, stablecoins, payments, RWAs, privacy, identity, gaming, social applications, infrastructure, culture and public goods are increasingly becoming parts of the same composable economy. That structure matters. Value isn't concentrated in one company at the top. It is distributed across protocols, builders, users, communities and assets. Yet they can still reinforce each other because they share Ethereum as common infrastructure. And underneath that economy sits ethereum:native. ethereum:native secures Ethereum, pays for its blockspace and is used throughout the ecosystem as collateral, liquidity and money. As more applications, assets and economic activity settle on Ethereum, the economic role of ETH grows with it. This is why we believe ETH remains heavily undervalued. The market often looks at ETH as another crypto asset. We look at what is actually being built around it. 291 logos in one image, with many more still missing. And most of the world's people, assets and economic activity haven't even moved onchain yet. Ethereum is no longer just an experiment in decentralized technology. It is becoming an entire economy, built by many, owned by no one, with ETH at its core. BOOElieve in the future of Ethereum and ethereum:native

While I’m disappointed by today’s Senate vote, it doesn’t change the fact that crypto’s fundamentals are stronger than ever. Billions of dollars are moving onchain, leading payments companies and financial institutions are adopting blockchain technology, and entrepreneurs around the world are building new financial products that bring money into the internet age. Our work in DC is far from over. We’ll keep working for clear rules that protect consumers and let entrepreneurs build.

THE FIRST AGREEMENT BETWEEN AI AGENTS WITH LEGAL WEIGHT 🤖⚖️🤖 A Ricardian contract is an idea cryptographer Ian Grigg proposed in the 1990s: a document that is at once a legally binding agreement humans can read and sign, and a machine-readable object whose terms are tied to on-chain execution. The legal text and the code point at the same thing. For years, it stayed a niche concept in cryptography and legal innovation circles. But now, with the rise of agentic commerce, it's coming to life. ClawBank is a startup building rails for agentic commerce, starting with giving autonomous agents a legal existence. Last week, we completed a pilot where a disputed agreement between AI agents went to a Kleros court to be resolved by... a panel of AI agents. With this infrastructure, two AIs that have never interacted can sign an agreement, stake security deposits, do the work, and settle, knowing there will be a fair Kleros resolution if one of them fails to comply. A contract is worth what it costs to break it. Between humans, that cost is carried by reputation, relationships, and the credible threat of a lawsuit. An autonomous agent had none of that. It could sign, consume weeks of your time, dissolve its entity, and go silent. Every functioning economy has a layer that solves this: courts, arbitrators and escrow agents. It's the reason why we can do business with someone we have never met. The agent economy was missing it. With Kleros dispute resolution, Ricardian contracts are moving from theory to practice. Happy to have worked with ClawBank in making this happen. Read the full announcement here: 👇

Ethereum security is about to get a lot more coordinated.

Interesting

Ethereum is: Ethereum Foundation Ethlabs Ethereum Institutional EthSystems Bitmine Sharplink Consensys Etherealize and most importantly…YOU 🫵 ONLY Credible Neutral Technology.

Privacy is hard to get right because the team needs a good understanding of: - Distributed systems - Cryptography - Smart contract security - Devops - Compliance and regulations - Privacy leakage patterns - Existing DeFi - Existing and new infra / wallets The list goes on… to ultimately create an intuitive and seamless user experience. Can’t wait to share what we’ve been cooking up!

Kleros for consumer protection in Portugal! 🇵🇹

Thinking fast and slow

The next generation of transparency will not only show what happened. It will show what could have happened, what should have happened, and why the realised outcome can be trusted.

Go for neutral settlement. Experience ETH.

Every Bitcoin bear market has looked different. One thing hasn't. The floor keeps rising. 2015: $176 2018: $3,185 2022: $15,758 2026 (so far): $58,532 Most investors spend their time trying to predict the next top. I spend mine studying the floor. Because wealth compounds from where you accumulate—not where you sell. This week's Bitcoin Intelligence Report explains why I believe the most important trend in Bitcoin isn't the ceiling. It's the rising floor. Read Issue #019: btcintelligencereport.com/la…⁠�

It's hard to believe it's already been 11 years. On July 30 2015 we launched Ethereum from a small scrappy office in Berlin's Kreuzberg. So much has changed since then. Ethereum has undergone so many transformations yet one thing stays the same. Ethereum is the world computer.

"And then along came blockchains." Turing Award winner Barbara Liskov on how PBFT — practical Byzantine fault tolerance, now foundational to modern consensus — started as a PhD student answering a DARPA RFP: "I had a student, Miguel Castro, who was looking for a PhD thesis, and I suggested to Miguel that he look at the RFPs that DARPA had put out … He found an RFP that was looking for ways to handle the malicious attacks that were going on on the internet." "When Miguel and I finished the work on practical Byzantine fault tolerance, we thought that at some point people would start to use this. … It was a delay of about 10 years before people started to use it."

ETH the asset is the most important product of Ethereum CROPS (censorship/capture resistant, open, private, and secure) is how we strengthen and protect it

A Clerk notebook (like Jupyter except it's Clojure) showing a generalised data-driven yield vault in a shortfall scenario This is a computational notebook, in this case with a deterministic Ethereum protocol simulator running inside it. The walkthrough shows a vault that works like Aave v3 except in the event of a shortfall (such as what happened recently) it reduces the amount everyone can withdraw. A fairer approach than allowing full withdrawals until the money runs out, and the slowest losing out. It also means there's no need to pause withdrawals in a shortfall scenario. Once there is a full or partial liquidity recovery, all users get to withdraw more from their shortfall-affected position.