Jesus Crypto Plaza 🌳

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 ...

For years, both Maker (MKR) and now Sky (SKY) have been portrayed as cases of “asymmetric undervaluation” — protocols whose intrinsic value and sophistication are not reflected in their market capitalization. This narrative has become almost axiomatic within the community, often framed as a failure of perception or communication: the market simply “doesn’t get it.” But perhaps the problem is not perception — it’s design. The truth may be that this so-called undervaluation is endogenous, not a...

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 — 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...

When we talk about the price of Ethereum, we often simplify it to the interaction between supply and demand. Yet, while this statement holds true, most analyses tend to focus on the macro side — total supply, issuance rates, and burn mechanics — overlooking the complex microstructure of token demand that actually drives the market in real time. Ethereum’s supply side has become relatively predictable. With issuance now stabilized and the burn mechanism providing a continuous counterbalance, c...

Spark’s Valuation: Understanding Market CapitalizationThe starting point for valuing Spark is its fully diluted market capitalization (FDV) — the total implied value of all SPK tokens at current market prices, regardless of their vesting status. In decentralized protocols, this figure offers a more comprehensive lens than the circulating market cap, since a significant portion of tokens is often reserved for long-term growth incentives, ecosystem development, or team allocations. In Spark’s c...

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, ...

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...

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...

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, ...