Ethereum has a monetary paradox at its core — it behaves like money, yet continues to think of itself as a commodity. This fundamental tension sits beneath many of the challenges Ethereum now faces: its governance model, its long-term sustainability, and the coherence of its narrative. Ethereum today stands as the largest and most dynamic ecosystem in the crypto world. It is arguably the most decentralized project after Bitcoin — though decentralization itself is such a nuanced concept that, ...

Ethereum has a monetary paradox at its core — it behaves like money, yet continues to think of itself as a commodity. This fundamental tension sits beneath many of the challenges Ethereum now faces: its governance model, its long-term sustainability, and the coherence of its narrative. Ethereum today stands as the largest and most dynamic ecosystem in the crypto world. It is arguably the most decentralized project after Bitcoin — though decentralization itself is such a nuanced concept that, ...

IntroductionEthereum is often described as a “world computer.” It is a convenient metaphor — but also one of the most damaging misunderstandings in the history of the protocol. Calling Ethereum a world computer reduces it to an infrastructure for executing applications, competing in the same mental category as cloud providers and internet platforms. It frames the protocol as a decentralized AWS: a global machine whose main goal is to process as many transactions as possible, as cheaply as pos...

IntroductionEthereum is often described as a “world computer.” It is a convenient metaphor — but also one of the most damaging misunderstandings in the history of the protocol. Calling Ethereum a world computer reduces it to an infrastructure for executing applications, competing in the same mental category as cloud providers and internet platforms. It frames the protocol as a decentralized AWS: a global machine whose main goal is to process as many transactions as possible, as cheaply as pos...

Introduction — A Market That Lost Its Price SignalAfter the Dencun upgrade (EIP-4844) introduced blobs — Ethereum’s new data-availability market for Layer-2 rollups — the network achieved one of its greatest technical milestones in years: a ten-fold improvement in scalability. But economically, Dencun also created an imbalance. The new blob market functioned too well from an efficiency standpoint and too poorly from a pricing one. Within days of launch, blob fees collapsed to near zero, remai...

Introduction — A Market That Lost Its Price SignalAfter the Dencun upgrade (EIP-4844) introduced blobs — Ethereum’s new data-availability market for Layer-2 rollups — the network achieved one of its greatest technical milestones in years: a ten-fold improvement in scalability. But economically, Dencun also created an imbalance. The new blob market functioned too well from an efficiency standpoint and too poorly from a pricing one. Within days of launch, blob fees collapsed to near zero, remai...

Why the Real Debate Is Not L1 vs Apps, but Jurisdictions vs Commodities** The recent debate between Santiago Roel and Haseeb Qureshi is one of the most intellectually honest and important discussions we’ve seen in crypto valuation in years. It surfaces a question the market can no longer avoid: Are Layer 1s fundamentally overvalued — or are we applying the wrong valuation model to something that is not a company, not infrastructure, and not even a platform in the traditional sense? This debat...

Why the Real Debate Is Not L1 vs Apps, but Jurisdictions vs Commodities** The recent debate between Santiago Roel and Haseeb Qureshi is one of the most intellectually honest and important discussions we’ve seen in crypto valuation in years. It surfaces a question the market can no longer avoid: Are Layer 1s fundamentally overvalued — or are we applying the wrong valuation model to something that is not a company, not infrastructure, and not even a platform in the traditional sense? This debat...

ntroduction: Scaling the Premium LayerEthereum’s scalability roadmap has long been defined not just by how much it scales, but how and where it does so. Layer 2s (L2s) pursue volume and cost efficiency; Layer 1 (L1) safeguards trust and finality. EIP-7935 — “Set Default Gas Limit to 60M” — embodies this distinction. It proposes increasing Ethereum’s default gas limit per block from 36M to 60M, a +66.7% rise in execution capacity. The goal isn’t to make Ethereum cheaper, but to make it more ca...

ntroduction: Scaling the Premium LayerEthereum’s scalability roadmap has long been defined not just by how much it scales, but how and where it does so. Layer 2s (L2s) pursue volume and cost efficiency; Layer 1 (L1) safeguards trust and finality. EIP-7935 — “Set Default Gas Limit to 60M” — embodies this distinction. It proposes increasing Ethereum’s default gas limit per block from 36M to 60M, a +66.7% rise in execution capacity. The goal isn’t to make Ethereum cheaper, but to make it more ca...

1. Introduction: A New Era of Crypto Value InvestingWe are entering a distinctly new phase in crypto markets—one where value is no longer subordinate to growth, and where return on deployed capital matters as much as narrative. That shift is being catalysed by two structural developments: first, the sweeping regulatory clarity emanating from the U.S., which effectively de-risked the notion that a token can legitimately deliver yield and not trigger severe regulatory consequences; and second, ...

1. Introduction: A New Era of Crypto Value InvestingWe are entering a distinctly new phase in crypto markets—one where value is no longer subordinate to growth, and where return on deployed capital matters as much as narrative. That shift is being catalysed by two structural developments: first, the sweeping regulatory clarity emanating from the U.S., which effectively de-risked the notion that a token can legitimately deliver yield and not trigger severe regulatory consequences; and second, ...

I. Bitcoin vs. Gold: The Old Debate RevisitedFor more than a decade, the Bitcoin–Gold comparison has structured one of the most fascinating narratives in modern finance. Bitcoin, the “digital gold,” represented the dematerialization of scarcity —the idea that value could exist purely in code, detached from atoms. Gold, on the other hand, was the ancient store of value: tangible, inert, yet timeless. The usual argument —which I have often used myself— was that Bitcoin solved the physical limit...

I. Bitcoin vs. Gold: The Old Debate RevisitedFor more than a decade, the Bitcoin–Gold comparison has structured one of the most fascinating narratives in modern finance. Bitcoin, the “digital gold,” represented the dematerialization of scarcity —the idea that value could exist purely in code, detached from atoms. Gold, on the other hand, was the ancient store of value: tangible, inert, yet timeless. The usual argument —which I have often used myself— was that Bitcoin solved the physical limit...

Introduction: The Missing Economic Lens in Ethereum’s GovernanceEthereum’s development philosophy has long prioritized technical progress — scalability, decentralization, and security — while rarely addressing how these protocol upgrades affect ETH’s economic equilibrium. Each major change, from EIP-1559 to Dencun and now Fusaka, reshapes the relationship between supply and demand for ETH, yet the Foundation’s upgrade process largely omits any financial assessment of these shifts. The upcomin...

Introduction: The Missing Economic Lens in Ethereum’s GovernanceEthereum’s development philosophy has long prioritized technical progress — scalability, decentralization, and security — while rarely addressing how these protocol upgrades affect ETH’s economic equilibrium. Each major change, from EIP-1559 to Dencun and now Fusaka, reshapes the relationship between supply and demand for ETH, yet the Foundation’s upgrade process largely omits any financial assessment of these shifts. The upcomin...

1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...

1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...

Token supply is never just a number. In decentralized finance, it is a story about incentives, credibility, and emergency design. Few protocols illustrate this better than Maker and its governance token’s evolution from MKR to SKY. What started as a deliberately scarce asset—capped at one million tokens to align long-term governance with system safety—was eventually forced to bend under real stress. The protocol’s survival required temporary dilution, and its recovery later demanded years of ...

Token supply is never just a number. In decentralized finance, it is a story about incentives, credibility, and emergency design. Few protocols illustrate this better than Maker and its governance token’s evolution from MKR to SKY. What started as a deliberately scarce asset—capped at one million tokens to align long-term governance with system safety—was eventually forced to bend under real stress. The protocol’s survival required temporary dilution, and its recovery later demanded years of ...