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@XQTStrategy
Accelerating Execution w people data collaboration @tapirxyz, institutional web3 adoption @rcktstrs, ⿻ 數位 Plurality @RadxChange. Art @Totemical @MattKaneArtist







@VitalikButerin @_Enoch @l2beat Make nutrition labels for proving systems

The Interfold Launch Primer starts today. Over the next several weeks, we'll explain the system, the network, ciphernodes, and the path to participation. First: How Interfold works, from private inputs to collective outcomes.



The era of Wartime Ethereum is here. That's the call from our lead macro researcher (and eternal $ETH bull) John Gillen - who just published a full response to David Hoffman's "Why I Sold My ETH" piece. Here's the short version of where John lands: David's argument is that the "ETH is money" thesis already played out. Ethereum got the price it deserves, and there's no rerating coming (up or down). John's view: it's way too early to call that. The CLARITY Act isn't law yet... Roman Storm is still on trial... We're not even past the prologue of digital asset adoption. Calling the game over right now is like declaring American self-governance a failure in 1781 because the Articles of Confederation were messy. Big things take time. On the valuation question, John pushes back hard on the idea that $ETH should be priced off L1 fees alone. Ethereum is not a lemonade stand. You can't value it like a business. The market is assigning a monetary premium to $ETH for a reason, and that premium reflects properties the DCF model doesn't capture. On the "crypto has become a vassal of TradFi" concern - John takes it seriously. He spent six years at BlackRock. He's seen how BNY Mellon and the rest plan to absorb this industry. But the response to that capture attempt isn't to sell $ETH. It's to hold it and stake it. That's how you vote with your capital against a future where the banks own the rails. His core point: this asset class is going to dozens or hundreds of trillions of dollars in value, or it's worthless. $ETH won't tread water at a $300B market cap forever. The direction of travel is one or the other. A lot of the current bearishness is just bear market fatigue. $ETH has underperformed for a long stretch, so people are reaching for reasons to walk away. Meanwhile network usage is at all-time highs, fees are at all-time lows, the staking queue keeps growing, and the EF is still shipping. John still likes $ETH. He's not selling. And he thinks the next chapter is one you're not going to want to miss. This is only scratching the surface though. John's a smart cookie - you need to read his full piece below to fully understand what the era of Wartime Ethereum holds. 👇









I've been an Ethereum supporter since the early days and I still believe it's one of the most important pieces of infrastructure in crypto. The tech is great, my conviction hasn't changed in that respect. But watching 9 senior researchers and key operators leave the Ethereum Foundation in 2026 alone is something I can't just ignore. People like Tim Beiko, Josh Stark, Barnabé Monnot, Trent Van Epps, Carl Beek. These people weren't just random employees at the foundation, they were the foundation. You can call it restructuring, you can call it decentralization, whatever. But when your best people are walking out the door, that's a massive red flag regardless of what narrative you put around it. And honestly, this whole situation just reinforces something I've been feeling for a while now. I am so tired of chain wars, ecosystem politics and spending any more time debating how to price an asset than actually evaluating the businesses being built on top of it. I don't want to argue about L1 vs L2. I don't want to pick sides in some tribal war between ecosystems. I just want to back exceptional founders building real businesses with real revenue, real users and real products. Hyperliquid recently flipping Solana is another great example of how a great product and distribution can organically build an ecosystem top down, rather than trying to force it from the ground up. The infrastructure circle jerk and the idealistic cypherpunk phase of selling delusional dreams in crypto was great and fun, but it's over. The next decade will be dominated by much sharper founders building real businesses, and I wouldn't be surprised if we see some of these even flip ETH and SOL as they continue to bleed out. Time to grow up and play real games with real people.






