Ethereum Ecosystem - Ethereum is the only chain where major crypto economies settle [1] - Growth areas like stablecoins, L2s, perps, RWAs, restaking, and institutional custody flows plug back into $ETH [1] Bullish Case - Ethereum's bullish case is simple due to its central role in crypto economies [1]

The OG vision of crypto decentralization is struggling:- Decentralized stablecoins? LUSD is alive yet USDC/USDT dominate the market- More supply of Bitcoin and ETH moving to ETFs- DAOs are centralizing (DAO tokens become revenue valued assets)- Most ICOs require KYC- Multiple L2s/L1s shut down their chains following Balancer hackNot all is dark:- Ethereum's L2s are moving from Stage 0 to Stage 1 decentralization- Self-custody is still viable for BTC, and ETH despite growing ETF inflows- DEXs challenging CEX ...

RT Geode Labs (@geodelabs)🇲🇽 How Ethereum is powering Mexico’s remittance transformation?High remittance flows($64.7B in 2024) created the use case. Stablecoins built the rails. L2s made it economically viable.Curious how Mexico is writing its own crypto playbook?Full story 👇 https://t.co/MOJIGFU0hR ...

Market Outlook - Bitmine Chairman Tom Lee expresses optimism about the future performance of Bitcoin (BTC) and Ethereum (ETH) [1] - Tom Lee views Ethereum as a monetary base and standard, retaining value even without L2 gas fees, similar to how USD reinforces the dollar's value [1] Potential Growth - Ethereum (ETH), currently around $4,500, could potentially rise to $60,000, a 15x (1500%) increase [2] - A 15x increase in ETH value, combined with NAV expansion, could substantially re-rate companies with existing ETH inventories [2] - Related firms could potentially reach market capitalizations in the hundreds of billions of dollars [2] Company Strategy - MicroStrategy could become a U S giant by virtue of its Bitcoin holdings [2] - Future banks built on Ethereum will participate in ETH staking [2]

Layer 2 (L2) Implications - The report discusses the implications for Layer 2 scaling solutions [1]

Security Risks in Blockchain - Solana founder argues L2s and bridges like Wormhole share the same worst-case risk: multisigs can upgrade contracts and move assets without users' knowledge [1] - The core issue is whether a set of external keys can control user funds [1] - Multisigs effectively define the sequencer's authority [1] - Under current designs, L2s do not truly inherit Ethereum's security [1]

User Experience & Performance - Users prioritize the capacity and latency improvements that chains can achieve, leading to better apps and UX [1] - Chains settling to Ethereum can offer performance identical to any L1 but with reduced overhead (consensus) [1] Security & Trust - While chains aim for security parity or improvement over time, this is not the primary concern for users [2] - Existing L2s have a permissioned multisig that can override the bridge contract without notice [2] - Escape hatch is a property of the bridge, not the L2 itself [2] Technical Feasibility - There is no engineering blocker to build a bridge on Solana [2]

Layer-2 Ecosystem Growth - Starknet 持续两年增加开发者 [1] - Arbitrum 流失 30% 的开发者，Polygon 流失 35% 的开发者 [1] - Cairo 6 个月的学习曲线过滤了追逐 grant 的雇佣兵 [1] - 致力于 Starknet 的开发者不会离开 [1] Market Valuation - STRK 市值 5.17 亿美元 [1] - STRK 的估值被认为像垂死的 Layer-2 项目，但实际上它是唯一增长的 [1]

Layer-2 (L2) Solutions - L2 solutions are suitable for many use cases when the infrastructure functions correctly [1] - The critical vulnerability of L2 solutions arises in approximately 5% of cases when infrastructure failures occur [1] Solana Network - Solana's current architecture, relying on a single client, makes it susceptible to vulnerabilities from bugs in that client until it adopts multi-client infrastructure [1]

Layer-2 Scaling Solutions - MegaETH aims to push Ethereum to its limits and beyond [1] - The industry is exploring which other Layer-2 solutions (L2s) can achieve similar scalability [1]