Razvan- ZER8🧠

Ethereum is PERMISSIONLESS Ethereum is OPEN SOURCE Ethereum is ANTIFRAGILE Ethereum is ENERGY-EFFICIENT Ethereum is GLOBAL Ethereum is BUDGET-SECURE Ethereum is UNCESORABLE Ethereum is a SOCIAL MOUVEMENT Ethereum is HOPE Ethereum is FREEDOM ETHEREUM IS NOT A COMPANY

The way to save Ethereum: The community needs to create an organization that's economically aligned with Ethereum and accountable to it. The EF now holds less than 0.1% of all ETH. There is no flow of Ethereum staking or fee revenues to it. If we want to get Ethereum back to winning: - create an organisation with credible funding, minimum $1b as a start. That's very reasonable for an ecosystem with $250b market cap - find a leader who is competent and wants to fight - make it accountable: a board of people who want ETH to go up, and a charter that holds the org accountable to it - fund it permanently: A significant amount of staking revenue needs to go to it. A governance mechanism that can adjust it (also part of accountability). Very hard to imagine now, but I think this is the only way (and it will probably happen, but it might take a long time before it is consensus).

"Ethereum for Everyone" second edition was absolutely wonderful - we are grateful for everyone who joined in, lent a helping hand, as well as everyone who supported us from afar, including our wonderful volunteers & awesome sponsors who helped make it all real. ETHCluj 2026 is about the people, the connection, and the knowledge and collaborative builder spirit we want to share and take forward - with our community in Romania and with the entire Ethereum community around the world. Onward, togETHer! 🙌

RFV Raiders are back. Gnosis DAO is the new target. It's a fun game, but first... a reminder: In 2023 Real Value Raiders took down Rook (5x return), Tribe (Fei wind-down), and you'll probably remember they pushed Aragon to repurpose its treasury (they fought back). Old playbook was finding DAOs where token mcap < treasury value, accumulate enough tokens, force a dissolution vote, distribute the treasury pro-rata. Now the playbook is harder to fight. ---- GIP-150 on Gnosis is the new playbook: Gnosis treasury sits at $223M (ETH, stables, ecosystem tokens). 1.3M GNO tokens are eligible to redeem against it. So each redeemable GNO has ~$170 of treasury behind it. But GNO trades at $135.95. That's a ~$33 per GNO discount to NAV. Or 24% gain risk free if redemption goes through. (Although RFVs likely bought at lower price). So holders started asking: why am I funding Ltd while my GNO trades below treasury? GIP-150 proposes opt-in redemption. Holders surrender GNO, get their share of the treasury back. Liquid assets (ETH, stables) distributed at face value. Illiquid investments (offchain investments, Gnosis Ltd value) gets a claim token (gLTD-CLAIM) that pays out as values realize.. So this opt-in design is supposed to protect non-participants. The RFV logic has a point: If Gnosis Ltd takes ~$30M/year of DAO money and produced $400k of revenue AND token trades below NAV, token holders' aren't happy. So these 'attacks' put responsibility towards token holders. It also protects holders from teams that slow-quit by burning treasury in salaries while not really building anything. But for RFVs this is pure arbitrage trade, not some moral mission. In this case almost every DAO and projects beyond Hyperliquid and Tron should be shut down and Treasuries returned to token holders. Whatever Gnosis Ltd is actually building (Gnosis Pay, Circles, Gnosis Chain) loses funding, and some of that work has real users. That is why I voted Against. And building takes time. Plus market is bad so it is common that token trades under NAV for years. Every other DAO trading below NAV becomes a target. Beefy is next btw. Builders at DAO-funded entities now have to plan for potential redemption votes from coordinated holders. Think to do buybacks, pump token or whatever. Exciting times. P.s. If I made any mistakes, sorry. It is my night night time. GN