Which #Layer2 solution is your top pick for scaling #Ethereum? 👇⚡ Arbitrum💻 Optimism🚀 zkSync ...

Core Viewpoint - The long-term valuation of Ethereum (ETH) is under scrutiny, with significant criticism directed at bullish claims made by Wall Street figures, particularly regarding stablecoin adoption and institutional demand [2][3]. Group 1: Critique of Bullish ETH Outlook - Andrew Kang challenges Tom Lee's thesis that ETH could achieve a 100x increase, arguing that the macro super cycle and institutional adoption do not substantiate such a valuation [2][3]. - Lee's price targets for ETH range from $4,000 to $15,000 by 2025, with potential long-term upside exceeding $20,000 based on historical ratios and institutional buying [3]. - Kang describes Lee's arguments as financially illiterate, emphasizing that the increase in tokenized asset value and stablecoin transaction volumes has not translated into higher fees for Ethereum [4][3]. Group 2: Disconnect in Revenue Generation - Kang points out that despite the growth in tokenized assets and stablecoin volumes, Ethereum's fees have remained stagnant since 2020, indicating a disconnect between adoption and revenue [4]. - Factors contributing to this disconnect include more efficient Ethereum upgrades, the migration of stablecoin activity to other blockchains, and the tokenization of low-velocity assets that yield minimal fees [5]. Group 3: Competitive Landscape - Kang asserts that faster-moving competitors like Solana, Arbitrum, and Tempo are the primary beneficiaries of tokenization, rather than Ethereum [6]. - Tether's recent decision to expand USDT activity onto new chains is highlighted as evidence of this competitive shift [6]. Group 4: Institutional Demand and Technical Arguments - Lee's assertion that institutions will accumulate and stake ETH as part of their tokenization strategies is questioned, suggesting that this premise does not convincingly support a bullish outlook for Ethereum [8].

Core Viewpoint - Andrew Kang criticizes Tom Lee's Ethereum thesis, labeling it as financially illiterate and flawed, particularly regarding the reliance on stablecoin and real-world asset adoption to drive Ethereum's value Group 1: Critique of Ethereum's Value Drivers - Kang argues that despite a 100-1000x increase in tokenized asset value and stablecoin transaction volumes since 2020, Ethereum's fees remain unchanged, indicating a disconnect between asset tokenization and fee generation [1] - The migration of activity to other chains like Solana and Arbitrum has further diminished Ethereum's transaction efficiency [1] - Tokenizing low-velocity assets does not contribute significantly to Ethereum's fee structure, limiting its value growth potential [2] Group 2: Misguided Analogies - Kang dismisses Lee's comparison of Ethereum to "digital oil," asserting that oil is a commodity with stable pricing over time, which does not support a bullish outlook for Ethereum [3] - The analogy fails to recognize that if Ethereum is treated as a commodity, it does not inherently suggest a positive valuation trajectory [3] Group 3: Institutional Adoption Concerns - Kang highlights the absence of large financial institutions purchasing or planning to purchase Ethereum, questioning the feasibility of institutions holding ETH for operational purposes [4] - He compares the expectation of institutions holding ETH to banks hoarding gasoline, emphasizing that they only pay for energy as needed [4] Group 4: Valuation and Technical Analysis - Kang criticizes Lee's assertion that Ethereum could be valued as highly as all financial infrastructure companies combined, labeling it as a fundamental misunderstanding of value accrual [5] - While acknowledging the utility of technical analysis, Kang accuses Lee of misapplying it to support his biases [5] Group 5: Overall Valuation Concerns - Kang concludes that Ethereum's current valuation is sustained by "financial illiteracy," likening it to XRP's inflated market cap [6] - He suggests that unless significant organizational changes occur, Ethereum is likely to experience prolonged underperformance [6]

Welcome to The Protocol, CoinDesk's weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk. In this issue: Ethereum Faces Validator Bottleneck With 2.5M ETH Awaiting Exit Is Ethereum’s DeFi Future on L2s? Liquidity, Innovation Say Perhaps Yes Ethereum Foundation Starts New AI Team to Support Agentic Payments American Express Introduces Blockchain-Based ‘Travel Stamps’ Unknown block type "divider", specify a component for it in t ...

RT Ignas | DeFi (@DefiIgnas)$BASE would likely trade $3.9B - $7.3B FDV if valued at $ARB, $OP or $LINEA FDV/TVL multiples.That puts it far below $AVAX (~$14B), Hedera (~$12B), BCH (~$11B), $IP, $ENA, $UNI and others.Even with Base posting the highest L2 chain revenue ($5M last month vs $1.6M for Arbitrum), it’s not enough to command a big premium.If Base was an L1, valuation would be way higher. But they’ve been clear: Ethereum alignment is their priority.Clearly, L2 tokens are cooked.Where Base can stand o ...

Which L2 are you using most in 2025? 🤔– #Arbitrum– #Optimism– #Base– Still on L1s ...

Layer2 竞争格局 - 行业关注以太坊 Layer2 解决方案的实用性竞争 [1] - 市场正在评估 Arbitrum、Optimism、zkSync 和 StarkNet 的潜力 [1]

Cryptocurrency Holdings & Investment - Bitmine增加了78,791 ETH（价值35460万美元），总持有量达到1,792,690 ETH，价值超过80亿美元 [1] - JPMorgan认为，比特币的合理价值在年底前约为126,000美元，理由是波动率处于历史低位，企业金库积累以及指数驱动的资金流入 [1] - Caliber已建立一个LINK金库，并成立了一个加密咨询委员会，以监督收购、托管和质押 [2] Regulatory & Exchange Developments - 21Shares已向SEC提交申请，推出SEI ETF [1] - CFTC将澄清FBOT注册规则，为美国交易者合法访问全球加密货币交易所铺平道路 [2] On-Chain Data Initiatives - 美国商务部选择Kraken来帮助启动一项新计划，该计划在九个公共区块链上记录GDP数据，以提高透明度 [1] - 美国商务部已在Bitcoin、Ethereum、Solana、TRON、Stellar、Avalanche、Arbitrum、Polygon和Optimism上发布了第二季度GDP数据，并通过Pyth和Chainlink进行分发 [2] - US Dept of Commerce collaborates with Pyth Network to put GDP and other economic data onchain [2] - Chainlink与美国商务部合作，将官方宏观经济数据上链 [2] Security & Future Risks - Vitalik Buterin表示，量子计算机在2030年底之前破解现代密码学的可能性为20% [2]

BREAKING: Arbitrum goes ZK.@OffchainLabs partners with @SuccinctLabs to bring modular ZK proving to Arbitrum.- Faster withdrawals- Multi-prover security- Interop & decentralizationAnd there's already a working prototype.Episode with @sgoldfed & @pumatheuma 👇 https://t.co/EBHK7TlPz7 ...

Which layer 2 solution will dominate #Ethereum scaling?👉 Arbitrum👉 Optimism👉 zkSync👉 StarkNet ...