Onchain Activity & Innovation - Contract deployments reflect the evolving scope of onchain activity and potential new behaviors or use cases [1] - Contract deployment serves as a signal for innovation and growing utility onchain [1] Ethereum Contract Deployments - Ethereum L1 remains a vibrant hub of activity despite developers shifting towards L2s [2] - New contract deployments on Ethereum spiked above 200 thousand per day multiple times this year [2] - Contract deployments lulled during the tail end of 2024 and the start of 2025, followed by a development spree in recent months [2]

Onchain Activity Analysis - Smart contracts and onchain activity are considered parasitic to the underlying chain [1] - The report suggests a passive approach for the chain's growth, implying minimal intervention or activity [1] Investment Philosophy - The report advocates for a state of inaction and detachment ("do nothing, want nothing, and be nothing") as a path to success [1]