The most valuable things in an economy are often the hardest to price. In the 1990s, the business world misjudged the Internet. That wasn’t due to a lack of imagination. It was a lack of the right framework. Analysts tried to value the Internet by tallying up companies like AOL, Yahoo, and Netscape, without realizing the deeper significance of the open public infrastructure beneath them. The visible companies were easy to price. The invisible protocols powering the system were not. In those s...

The most valuable things in an economy are often the hardest to price. In the 1990s, the business world misjudged the Internet. That wasn’t due to a lack of imagination. It was a lack of the right framework. Analysts tried to value the Internet by tallying up companies like AOL, Yahoo, and Netscape, without realizing the deeper significance of the open public infrastructure beneath them. The visible companies were easy to price. The invisible protocols powering the system were not. In those s...

“The goal is not to onboard people to Ethereum. The goal is to onboard people to openness and self-sovereignty. We fail if we don't onboard people. But we also fail if we achieve mass adoption of walled gardens with no self-sovereignty left.” https://x.com/VitalikButerin/status/2002094047037382671?s=20 The concern expressed by Vitalik Buterin reflects a principled defense of Ethereum’s original ethos: sovereignty, openness, and permissionless innovation. That ethos remains foundational. Howev...

“The goal is not to onboard people to Ethereum. The goal is to onboard people to openness and self-sovereignty. We fail if we don't onboard people. But we also fail if we achieve mass adoption of walled gardens with no self-sovereignty left.” https://x.com/VitalikButerin/status/2002094047037382671?s=20 The concern expressed by Vitalik Buterin reflects a principled defense of Ethereum’s original ethos: sovereignty, openness, and permissionless innovation. That ethos remains foundational. Howev...

The relentless fixation on price within the cryptocurrency sphere often overshadows the profound technological and societal shifts these digital assets represent. To reduce cryptocurrency solely to “number goes up” is akin to evaluating Apple solely on its stock price, disregarding the revolutionary impact of the iPhone or the vast ecosystem of services it fostered. Similarly, focusing solely on Bitcoin's price appreciation, as advocated by Michael Saylor's "Saylorism," neglects the diverse a...

The relentless fixation on price within the cryptocurrency sphere often overshadows the profound technological and societal shifts these digital assets represent. To reduce cryptocurrency solely to “number goes up” is akin to evaluating Apple solely on its stock price, disregarding the revolutionary impact of the iPhone or the vast ecosystem of services it fostered. Similarly, focusing solely on Bitcoin's price appreciation, as advocated by Michael Saylor's "Saylorism," neglects the diverse a...

For over a decade, crypto markets have oscillated between narratives, hype cycles, and bursts of liquidity-driven speculation. Valuation frameworks were thin, inconsistent, or absent. Price action moved ahead of fundamentals because fundamentals themselves were either immature or impossible to measure. But that era is ending. The next phase of crypto’s evolution will be defined not by imagination alone, but by measurable performance. The fundamentals are coming to crypto, and in some corners ...

For over a decade, crypto markets have oscillated between narratives, hype cycles, and bursts of liquidity-driven speculation. Valuation frameworks were thin, inconsistent, or absent. Price action moved ahead of fundamentals because fundamentals themselves were either immature or impossible to measure. But that era is ending. The next phase of crypto’s evolution will be defined not by imagination alone, but by measurable performance. The fundamentals are coming to crypto, and in some corners ...

ETHEREUM EXECUTIVE PRIMER - Ethereum is the core infrastructure of Web3, transcending the definition of a mere blockchain. This primer highlights its unique strengths: an infinitely scalable architecture through a modular Layer 2 ecosystem, a decentralized and robust governance model fostering continuous innovation, and growing institutional trust evidenced by its adoption in digital finance and tokenized assets. The platform benefits from the largest and most engaged developer ...

ETHEREUM EXECUTIVE PRIMER - Ethereum is the core infrastructure of Web3, transcending the definition of a mere blockchain. This primer highlights its unique strengths: an infinitely scalable architecture through a modular Layer 2 ecosystem, a decentralized and robust governance model fostering continuous innovation, and growing institutional trust evidenced by its adoption in digital finance and tokenized assets. The platform benefits from the largest and most engaged developer ...

Nowadays, you can make money by merely issuing tokens using financial engineering schemes before even gaining usage or proving market fit. One after another, a new dreamer comes along, thinking they can create a better or faster or cheaper chain than Ethereum. [Ethereum is used as a reference because it’s the most successful developer-focused blockchain, and by virtue of its leadership position, it gets attacked the most...

Nowadays, you can make money by merely issuing tokens using financial engineering schemes before even gaining usage or proving market fit. One after another, a new dreamer comes along, thinking they can create a better or faster or cheaper chain than Ethereum. [Ethereum is used as a reference because it’s the most successful developer-focused blockchain, and by virtue of its leadership position, it gets attacked the most...

I'm not the only one asking this question: Why hasn’t Ethereum’s financial performance reflected the scale of its adoption and innovation? After spending considerable time thinking about it, I believe the answer lies in a combination of messaging, market perception, and ecosystem dynamics.1. Ethereum Has a Messaging ProblemAt its core, Ethereum suffers from a fundamental communication gap. Competitors have been relentless in spreading fear, uncertainty, and doubt (FUD)—often without a factual...

I'm not the only one asking this question: Why hasn’t Ethereum’s financial performance reflected the scale of its adoption and innovation? After spending considerable time thinking about it, I believe the answer lies in a combination of messaging, market perception, and ecosystem dynamics.1. Ethereum Has a Messaging ProblemAt its core, Ethereum suffers from a fundamental communication gap. Competitors have been relentless in spreading fear, uncertainty, and doubt (FUD)—often without a factual...

I asked Grok-2 to simply write a post based on my tweets of the last 10 days. The following is an unabridged version. I was quite impressed, and decided to turn it into a post. The subject was dominated by feedback given to the Ethereum Foundation and the Ethereum ecosystem in general. Based on your recent tweets and replies over the last 10 days, it's evident that you, William, have a keen interest in the Ethereum ecosystem, particularly around the dynamics between Layer 1 (L1) and Layer 2 (...

I asked Grok-2 to simply write a post based on my tweets of the last 10 days. The following is an unabridged version. I was quite impressed, and decided to turn it into a post. The subject was dominated by feedback given to the Ethereum Foundation and the Ethereum ecosystem in general. Based on your recent tweets and replies over the last 10 days, it's evident that you, William, have a keen interest in the Ethereum ecosystem, particularly around the dynamics between Layer 1 (L1) and Layer 2 (...

If I had a 1:1 with Vitalik Buterin today like we used to, regularly in 2014-2016, I would tell him this. No, this is how the game is played. You created Ethereum, now the largest development-driven ecosystem in the blockchain space. It grew and grew and grew I’m sure beyond your initial imagination. So, you have a responsibility to grow with it. The community is not asking the Ethereum Foundation to change its mission or what it fundamentally does. We are asking it to do better than it did 6...

If I had a 1:1 with Vitalik Buterin today like we used to, regularly in 2014-2016, I would tell him this. No, this is how the game is played. You created Ethereum, now the largest development-driven ecosystem in the blockchain space. It grew and grew and grew I’m sure beyond your initial imagination. So, you have a responsibility to grow with it. The community is not asking the Ethereum Foundation to change its mission or what it fundamentally does. We are asking it to do better than it did 6...

Ever wonder how "alive" the Ethereum network truly is? It's not just about the number of ETH in existence, but how actively that ETH is being used within its digital ecosystem. This is where the idea of velocity comes in, similar to the well-known concept about the velocity of money. Think of it like the economy of a bustling city. A high velocity of money means cash is constantly changing hands, fueling businesses and growth. Similarly, the velocity of ETH measures how frequently Ether moves...

Ever wonder how "alive" the Ethereum network truly is? It's not just about the number of ETH in existence, but how actively that ETH is being used within its digital ecosystem. This is where the idea of velocity comes in, similar to the well-known concept about the velocity of money. Think of it like the economy of a bustling city. A high velocity of money means cash is constantly changing hands, fueling businesses and growth. Similarly, the velocity of ETH measures how frequently Ether moves...