Varys Capital

1/ Adding 5% BTC and 5% ETH to a 60/40 portfolio returned 435% over the last decade OR ~4x a normal 60/40 portfolio. Following up on our @MessariCrypto research from 2023 @_ChrisCollar and I just published 35 pages of data on why traditional allocators can't ignore crypto anymore. We analyzed everything from asset allocation, to market timing to rebalancing. Key takeaways in this short thread below

Is REV the best way to measure blockchain value or just noise? I moderated a debate between @dunleavy89 and @Austin_Federa where they discussed all things REV: 🤔 Does it reflect chain strength or inefficiency? 📊 Why Solana has higher REV than ETH 0️⃣ Whether it’s all going to zero ➕ and more! Timestamps: 👋 0:00 Intro 📊 2:50 What REV actually measures and why it’s sparking so much debate 💸 4:33 Why fees that don’t go to the protocol are included in this metric 🪙 14:43 Whether L2 tokens are fundamentally worthless 🧮 15:53 How to factor Ethereum L2s into the REV equation 📉 18:15 Why Tom thinks all fees are going to zero and what that means for value accrual 📈 34:06 Austin defends REV and explains why it reflects real user demand ⚠️ 37:07 MEV debate: is it a feature or a flaw? 🔀 42:59 Why Solana might not follow Ethereum’s REV path 🛡️ 44:18 Who secures the network when MEV goes to zero 🤔 53:46 Whether high REV means success 🚫 59:46 Why Austin calls out @jessepollak’s “no sandwiching” claim on Base 🌄 1:02:30 Whether Solana’s Alpenglow proposal could reshape MEV 🔄 1:03:43 How REV might rise even as MEV declines 👑 1:07:11 Why Bitcoin lives in its own reality when it comes to metrics 🎮 1:09:57 How protocols can game the REV metric 📐 1:15:19 What other metrics matter when valuing blockchains Thank you to our sponsor @bitwise!

New episode with @ryanberckmans & @dunleavy89 out now! We discuss: - The bull case for ETH - How to value the L1 - Should L2 tokens exist? - The role of Etherealize - What went wrong for Ethereum? - Attracting builders, Ethereum's next chapter & more! Timestamps: 00:00 Intro 01:50 What Went Wrong With Ethereum? 07:33 The Ethereum L2 Roadmap 10:35 Does Ethereum Have Product Market Fit? 13:46 Ethereum’s Big Pivot 18:11 Ads (ZKSync, Zenrock) 19:49 Should Blockspace Be Taxed? 22:15 Ethereum's Next Chapter 27:55 The Role Of Etherealize 30:18 Ads (ZKSync, Zenrock) 31:57 Does Scaling The L1 Benefit L2s? 42:38 How To Attract Builders To Ethereum 44:46 Ads (Falcon x,Arweave) 46:22 Should We Tariff The L2s? 51:35 How To Value L1s 56:50 The Bull Case For ETH 01:04:00 Should L2 Tokens Exist? 01:09:02 Final Thoughts Links below! ↓