liam

the EF treasury officially had its first validator index assigned as of this morning 🎉 it took a while because there's been so much influx into staking that the entry queue peaked at 71 days in February

Some of the hardest and most important deliveries are now within focus. Hardness track at the EF Protocol.

Arbitrum is supporting builders bringing new financial products to life on the Robinhood Chain. With $100K in rewards up for grabs at Demo Day, the Arbitrum Mentoring Program is built for early-stage teams looking to go onchain. Here are the core primitives @RobinhoodApp Chain is looking to support: Apply today: tally.so/r/aQdj2W

ETH investor Stanley Druckenmiller: “Our whole payment system will be stablecoins in 10-15 years” BitMine (BMNR), the ETH treasury company chaired by Tom Lee, holds more than $10 billion of ETH. Legendary investor Stanley Druckenmiller is listed among key backers like ARK and Bill Miller. This aligns with his recent bullish comments on stablecoins and blockchain payments: “Blockchain and the use of stablecoins — if you want to throw crypto and tokens into that — are incredibly useful in terms of productivity. I assume our whole payment system will be stablecoins in 10-15 years. Efficient. Quicker. Cheaper.” Source: @MorganStanley (Mar 2026)

0/ The Ethereum Foundation continues to explore DeFi as part of its treasury strategy. In Oct 2025, EF deployed 2,400 ETH + ~$6M in stablecoins into @Morpho Vaults V1. x.com/ethereumfndn/s… Today: another 3,400 ETH into Morpho, where 1,000 ETH in Morpho Vaults V2. Why Morpho? 👇

An excellent post explaining the importance of Ethereum having a dynamically available consensus, that both provides economic finality and ensures chain progress even under conditions where economic finality is impossible. firefly.social/post/x/2033908…

A new fast confirmation rule mechanism lets you get a hard guarantee that Ethereum will not revert after one slot (12 seconds) Security assumptions are (i) supermajority honest, (ii) network latency under ~3s. So one step below economic finality, but very strong for many use cases. firefly.social/post/x/2033852…

@DeFi_Dad They are here to sell you their Alt-L1 bags

So many VCs who 1) don't hold ETH but 2) do hold a dying investment in some fifth generation L1, have come out to share concerns about Ethereum--again. These are not buyers, they are sellers. So stop listening to them. You think they're here to tweet investment advice? 😘

THEY DID IT. The SEC and CFTC just dropped a landmark document that officially classifies crypto assets. They're actually telling us which crypto assets are securities and which ones aren't - by name! THIS IS SOMETHING GENSLER REFUSED TO DO (he focused on prosecuting crypto out of existence) This rule doc gives crypto many of the benefits of the clarity bill - it lifts us out of the gray market - it gives every asset a path. It's almost like the Clarity act just passed by way of regulator. (of course, the actual clarity act will harden all this into legislation and make it irreversible in the event we get another Gensler, we still want it) This rule says there's 5 categories for crypto assets: 1) Digital Commodities - assets tied to a functional, decentralized crypto system (e.g., BTC, ETH, SOL, XRP, ADA, DOGE). Not securities. (yes, they name them on page 14) 2) Digital Collectibles - NFTs, meme coins, artwork tokens, in-game items. Not securities (fractionalized collectibles may be an exception). 3) Digital Tools - membership tokens, credentials, domain names (e.g., ENS). Not securities. 4) Stablecoins - payment stablecoins under the GENIUS Act are not securities. Other stablecoins, it depends. 5) Digital Securities - tokenized versions of traditional securities. Like tokenized stocks. Always securities. Amazing! This makes so much sense I can't believe it's coming from a regulator. No more enforcement threats to Ethereum developers and crypto exchanges. How about the Howey test? More common sense! If an issuer makes specific promises of managerial efforts from which buyers expect profits, the offering is a security until those promises are fulfilled. Then it's a commodity. The asset itself was never the security, the deal around it was. (E.g. XRP was a security pre launch, became a commodity after). How about stuff like staking and mining? Mining? Not a securities transaction. Staking? Also not a securities transaction, that includes custodial and liquid staking even with LSTs! How about wrapping BTC? Not a securities transaction. Airdrops? NOT SECURITIES. NO MORE GEO BANS PROTECTING AMERICANS from free airdrops. Remember this is a joint doc from the SEC and CFTC, They're actually cooperating on this, no internal strife, this is binding to both. SEC regulates $80-100 trillion assets CFTC regulates $5-10 trillion assets Both of the world's largest capital markets are showing us that crypto assets are here to stay and they're welcome alongside traditional assets. Every country will follow. This is the biggest move toward legitimacy I've seen in all my time in crypto. Maybe bigger than the genius act since is covers all crypto assets. Well done @MichaelSelig and @SECPaulSAtkins. And especially well done to the indefatigable @HesterPeirce. Her fingerprints are all over this, couldn't have happened without her eight years of principles-based curiosity.

Ethereum is getting faster. Deposit time from L1 to L2s and exchanges goes down to 13 seconds. This is the new industry standard. Rolling out in the next few months x.com/_julianma/stat…

💯 L2s had a hard time the past months, but it's just noise. In the long run the strategy is still sound: - L1 as the liquidity + security layer - L2s pulling in additional demand (for things that wouldn't be feasible on L1) I know sentiment is down and the space got more competitive (which is good!) but we are still growing the pie 🥧

Erik Vorhees: “ETH is still the king, and I don’t see it being dethroned" The founder of ShapeShift and Venice AI is asked if Ethereum was a “sustainable ecosystem.” He replies: “I think [Ethereum] is more than sustainable. I think it is the clear winner of the smart contract innovation. It actually wasn’t the first mover in smart contracts, but it was the first one to achieve any sort of scale with smart contracts. What’s most important about Ethereum isn’t so much the first-mover advantage as much as it is the network effect it has had since it was released.” Erik continues: “I think both Bitcoin and Ethereum have achieved a network effect that is close to unassailable. People have gotten distracted with some of these other L1s, but if you look at metrics like where the developers are and where stablecoin volumes are, these are hard to fake metrics that are very important. They’ve always been predominantly on Ethereum. It’s not even close. I’m glad that other people tried to build L1s. The process of innovation and competition is really important. But ETH is still the king, and I don’t see it being dethroned. It has had various scaling challenges — the patchwork of L2s and the UX problems between them sucks. But I have a suspicion that Base is going to end up becoming the predominant L2 on top of the predominant L1 of ETH and that vertical is going to be very powerful and very strong. So yes, I’m always bullish on ETH in the same way I’m always bullish on Bitcoin.” However, Erik warns that if Base loses its permissionlessness it “will flounder and deserves to die”: “Base has designed things very well. It has gotten a lot of adoption and very quickly became the major L2 even though it was not the first mover. I think it’s gaining a network effect pretty quickly. It obviously has a very powerful corporate ally in Coinbase, and to the degree that Coinbase does not abuse that privilege, that’s a very good privilege. Abuse here means: if Coinbase tries to exert control over base such that it loses its permissionlessness, then it will flounder and deserves to die. But Coinbase has been a very good actor in this regard, and they deserve a lot of credit for demonstrating the principles of decentralization and permissionless innovation in several parts of what they do. Obviously the centralized exchange is not that, but it’s not trying to be either.” Source: @CoinDesk (Dec 2025)

Today, the Arbitrum Foundation published its sixth Transparency Report. The report reflects on key ecosystem milestones from 2025 and the Foundation’s role in supporting ecosystem growth, institutional adoption, governance, and network scaling. blog.arbitrum.foundation/the-arbitrum-f…

@MikeIppolito_ explain (respectfully)?

@daddysether disagree (respectfully)

The rollup idea wasn't wrong, we just don't need 20 gen purpose ones. The end state market structure is 2-3 vertically integrated gen purpose frameworks and many app or sector specific rollups.

@peter_szilagyi Zoom out, ETH is a $280B asset, Zoom in, ETH is a $280B asset, Zoom just right, ETH still a $280B asset. Interesting to respond to alleged intellectual dishonesty with more intellectual dishonesty.

I'd argue that it's both. - Liquidity is extremely important no matter which way you cut it. Access to Ethereum's liquidity is always going to be superior to that of an Alt-L1 with significantly less liquidity. Importantly, security is "why" Ethereum houses so much liquidity to begin with, so both are very much complimenting each other. I don't think the bridging UX argument makes sense. Dydx at its peak had over $1B in TVL as an Ethereum rollup, and despite being able to now bridge to dydx L1, significantly less people chose to do so.

having access to ethereum liquidity is *not* an L2 value prop. with the new @l2beat interop feature, we see many of ethereum native tokens bridged to alt-L1s like bsc or avalanche with the same or even better UX than L2 bridges. the value prop is that you can do this securely

Vitalik got a lot of flack from CT for not bending over backwards to suck Trump's dick and instead reinforced that Ethereum is an open network which anyone can build on and it's not built for the benefit for any single nation in hindsight, it was obviously extremely prescient

ETH moving up on the news that no one in the world trusts each other anymore and we need a new transparent global settlement layer in Ethereum which no one has to trust

As a leading incentive-design provider, we require the best data, so we built an in-depth dashboard on Merkl-run campaigns Churn = Users who never made another transaction after claiming tokens via Merkl Arbitrum: 10% Ethereum: 11.2% Plasma: 16.9% Base: 51% WorldChain: 96%