RyanWatkins_

Regardless of whether you believe ETH is money, Ethereum’s REV falling off a cliff since 2021 is unambiguously bad.

At the least, less REV means less resources to sustain the validator set and more inflation to compensate.

Classic case of fiscal issues creating monetary issues.

Tbh it’s better that most alts get smoked now that generational projects are emerging.

You only need a few big winners to make the next FANGs / Mag 7.

A world with many projects destined for zero, and just a few projects that you can’t own enough of, is fine with me.

Everyone can pontificate all they want on L1 valuation theory, but the reality is there’s little empirical evidence that L1s trade on anything more than relative value.

The holy grail store of value is digital gold with native yield.

This is the ultimate TAM that L1s (e.g ETH, SOL, HYPE) can achieve and their structural advantage over BTC.

There are no special snow flakes — just tradeoffs and timing differences.

The logical conclusion of app specific sequencing is L1 REV trends towards zero unless L1s begin enshrining apps.

The logical conclusion of app specific sequencing is L1 REV trends towards zero unless L1s begin enshrining apps.

I still don’t think people understand how special Hyperliquid is — $1B of annual income at 97% margins legitimately doesn’t exist in the S&P 500 or Nasdaq.

$HYPE is one of the most efficient cash flow machines in the world.

I still don’t think people understand how special $HYPE is — $1B of annual income at 97% margins legitimately doesn’t exist in the S&P 500 or Nasdaq.

Hyperliquid is one of the most efficient cash flow machines in the world.

I still don’t think people understand how special Hyperliquid is — $1B of annual income at 97% margins legitimately doesn’t exist in the S&P 500 or Nasdaq.

Hyperliquid is one of the most efficient cash flow machines in the world.

The real internet capital markets isn’t any of the memes launching on Believe, it’s the Believe app itself which is now clipping millions $$$ a day powering all this capital formation.

Thanks to Solana it’s never been easier to monetize a new internet startup.

Who would’ve thought? The next big onchain meta is once again on Solana.

The institutionalization of the cryptoeconomy will be its defining theme going forward.

The projects that capture these trillions of $$$ in upcoming flows will likely generate the largest investment outcomes over the coming years.

Now is the best time to pay attention to fundamentals in a long time.

The institutionalization of the cryptoeconomy will be its defining theme going forward.

Those projects and companies that can capture these trillions of $$$ in flows will likely generate the largest investment outcomes over the coming years.

Now is one of the best times to pay attention to fundamentals in a long time.

The institutionalization of the cryptoeconomy will be its defining theme going forward.

Those projects and companies that can capture these trillions of $$$ in flows will likely generate the largest investment outcomes over the coming years.

One of the best times to pay attention to fundamentals in years.

The institutionalization of the cryptoeconomy will be its defining theme going forward.

It will also be the industry’s largest theme in history, and first one in a while that captures both retail and institutional flows.

The world will soon believe again.

The best thing about ETH pumping is that it enables top L1s like SOL and HYPE to rerate even higher.

Massive past 24 hours in crypto.

- Robinhood launching stocks onchain
- Stripe enabling global stablecoin accounts
- Meta re-exploring stablecoin integrations

But they told you one month ago that everything was cooked.

The future of Ethereum is the EVM on new chains.

Hyperliquid.