The $9.5 Billion ResetIn a single day, over $9.55 billion in open interest was erased from crypto markets. According to CoinGlass data, this included $8 billion in long positions and $1.55 billion in shorts. The largest liquidations hit Bitcoin and Ethereum — over $2.6 billion combined — as the market plunged violently following new U.S. tariffs on China. Prices fell off a cliff. Bitcoin crashed from above $122,000 to nearly $102,000 before clawing back. Over 1.5 million traders were liquidat...

The $9.5 Billion ResetIn a single day, over $9.55 billion in open interest was erased from crypto markets. According to CoinGlass data, this included $8 billion in long positions and $1.55 billion in shorts. The largest liquidations hit Bitcoin and Ethereum — over $2.6 billion combined — as the market plunged violently following new U.S. tariffs on China. Prices fell off a cliff. Bitcoin crashed from above $122,000 to nearly $102,000 before clawing back. Over 1.5 million traders were liquidat...

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...

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...

One of the most repeated narratives around Ethereum is that it is “digital gasoline.” This framing, while useful in the early days to explain how the network fuels decentralized computation, has become strategically limiting. Gasoline is a commodity—fungible, inert, and destined to decline in importance as better technologies replace it. Ethereum, on the other hand, is a living, evolving digital nation whose survival depends on its ability to keep innovating.The Subtraction PhilosophyThe subt...

One of the most repeated narratives around Ethereum is that it is “digital gasoline.” This framing, while useful in the early days to explain how the network fuels decentralized computation, has become strategically limiting. Gasoline is a commodity—fungible, inert, and destined to decline in importance as better technologies replace it. Ethereum, on the other hand, is a living, evolving digital nation whose survival depends on its ability to keep innovating.The Subtraction PhilosophyThe subt...

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, ...

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...

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...

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...

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...