It’s impressive that every hack eventually leads to buying E | yezhang1998 on Binance Square

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It’s impressive that every hack eventually leads to buying ETH… 
Even the hackers know which chain is truly decentralized and secure, they actually care, since they could lose everything or end up in jail.

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I’m increasingly convinced that Validium-style systems will be key to institutional adoption. It offers: 1) Regulation-friendly privacy at extremely low cost 2) Trustless, permissionless interoperability with other systems ZK enables systems to "talk" to each other in a verifiable and privacy-preserving way. Imagine untrusted banks or fintechs needing to clear and settle — the choice is either a closed, permissioned system (like Hyperledger), or a verifiable, privacy-preserving alternative. Even SWIFT is a system with closed membership. Validiums are the only practical path to the latter. They're the only way to let systems interact securely without needing to trust each other. (Public chain destroys privacy or efficiency, or will have tons of issues with the regulatory side)

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My take on why REV is flawed as a valuation metric for ETH: 1. REV is a vanity metric, like TVL It’s useful to track, but the number alone doesn’t mean much. Take TVL as an example: 10M USDT from one whale is different from 1M users with $10 each, the latter is far more robust. Like TVL, REV doesn’t capture user diversity, retention, or app quality. It’s a shallow metric without context. 2. REV shouldn't be maximized long-term REV is fundamentally a cost to users. As apps internalize MEV and fees approach zero (especially with app-specific sequencers), chains with high REV may simply be inefficient. The most decentralized and credible global settlement layer should aim to secure the most valuable outcomes, not extract the most fees. It will be higher as a valuable economic zone, but REV is just one of many metrics. 3. ETH derives value from network confidence and trust (agree with @ryanberckmans) Key pillars of ETH’s value: > Deep liquidity and scalable social consensus > The most secure base for rollups and modular apps > ~$225B in app capital > ~80% share of real-world assets Other examples: Tron has more REV than Solana but 1/10 the market cap. BTC has almost no fees but is worth $2T. ETH may not be a pure SoV like BTC, but it’s a highly liquid, trusted, and programmable asset. Every rollup settling on Ethereum reinforces its value. Unless another L1 can replicate ETH’s economic weight and systemic trust, there’s no better foundation for an open crypto economy. The ticker is ETH. Other recommend read 1. From @ryanberckmans https://t.co/7jRYuvGTDI 2. From @sassal0x

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(not so) hot take: Traditional payment companies don’t actually want irreversible instant finality. What they need is fast, controllable pre-confirmation. Legacy systems rely on layers like SWIFT, correspondent banks, and clearing houses to handle compliance, fraud checks, and settlement. The delays are intentional. Crypto’s real value is removing many of those middlemen, but not all. To onboard institutions at scale, we need compliant, auditable, and faster infrastructure without forcing everything fully onchain from day one.

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One super interesting take from a conversation with @drakefjustin: Bitcoin’s security model will be broken in 10 years. ETH will be the only money left — ultrasound, credibly neutral, decentralized, and economically sound. Here’s a deeper dive into why Bitcoin’s model might not hold up: > Bitcoin relies on miners for security. Today, miners are paid through a block subsidy (newly minted BTC) and transaction fees. The subsidy is the dominant component, accounting for more than 90% of miner revenue. > But every four years, the subsidy is cut in half. This means Bitcoin’s native inflation, which effectively funds its security, declines exponentially. Eventually, the network will rely entirely on transaction fees to incentivize miners. There is no guarantee that fees alone will be enough to maintain adequate security. > Some argue that BTC's price will increase and make up for the lost subsidy. But if you run the numbers, the flaw becomes obvious. As the price of BTC rises, the value that miners are securing also rises, often by a much larger factor. So you're effectively paying less and less to secure more and more value. This isn’t FUD. It’s a real, long-term economic question baked into the protocol’s design. Hard to imagine what crypto will look like in 10 years. But one thing feels increasingly likely: The ticker is ETH. 🦇🔊

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One super interesting take from a conversation with @drakefjustin: Bitcoin’s security model will be broken in 10 years. ETH will be the only money left — ultrasound, credibly neutral, decentralized, and economically sound. Here’s a deeper dive into why Bitcoin’s model might not hold up: > Bitcoin relies on miners for security. Today, miners are paid through a block subsidy (newly minted BTC) and transaction fees. The subsidy is the dominant component, accounting for more than 90% of miner revenue. > But every four years, the subsidy is cut in half. This means Bitcoin’s native inflation, which effectively funds its security, declines exponentially. Eventually, the network will rely entirely on transaction fees to incentivize miners. There is no guarantee that fees alone will be enough to maintain adequate security. > Some argue that BTC's price will increase and make up for the lost subsidy. But if you run the numbers, the flaw becomes obvious. As the price of BTC rises, the value that miners are securing also rises, often by a much larger factor. So you're effectively paying less and less to secure more and more value. This isn’t FUD. It’s a real, long-term economic question baked into the protocol’s design. Hard to imagine what crypto will look like in 10 years. But one thing feels increasingly likely: The ticker is ETH. 🦇🔊

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