[
  {
    "speaker": "Cryptomanran",
    "text": "I don't know how else to say this, but I really think that Ethereum is dying."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the reason why I think Ethereum is dying is because if you think about the Ethereum main chain, the main chain is slow and it's expensive."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If they want to make any changes to the protocol because Ethereum is so decentralized, those changes need to be very well coordinated and you need a whole lot of parties to work together."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And those changes take a long time to happen."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so as a result, what I find is with Ethereum, you land up missing all the narratives."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Ethereum can't beat Hyperliquid on purpose."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Ethereum can't beat Solana when it comes to consumer use cases like memecoins, but not exactly memecoins."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so I think where we're at with Ethereum now is I think Ethereum's struggling to find product market fit."
  },
  {
    "speaker": "Cryptomanran",
    "text": "On top of all of that, this week we heard from the ETH Foundation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, for those of you who aren't familiar with the ETH Foundation, the ETH foundation has been at the center of ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The ETH foundation is responsible for all the coordination."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, you think about this big decentralized protocol and then you think about a foundation that coordinates all the activities of this big decentralized global protocol where you've got all these developers working all around the world."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And this week from the ETH foundation, we got some news."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the news was that it started off with two, but then eight of the big names in Ethereum, of the big foundation leaders actually left Ethereum."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, when I looked at the list of names, and this is the list of names over here, these aren't just normal developers."
  },
  {
    "speaker": "Cryptomanran",
    "text": "These are the big ETH developers."
  },
  {
    "speaker": "Cryptomanran",
    "text": "These are the guys that had all the developer calls."
  },
  {
    "speaker": "Cryptomanran",
    "text": "These are the guys that led the merge to proof of stake."
  },
  {
    "speaker": "Cryptomanran",
    "text": "These are the guys that led the tokconomics."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And these are the guys that are actually leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so, you kind of got to ask yourself, what's going on at ETH?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "It feels like ETH really is dying."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And listen, I don't even want to start talking about the price because I think the price itself has become a meme and it's been meme'd a thousand times."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I mean, this one I like."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It's April 2021 ETH 2300."
  },
  {
    "speaker": "Cryptomanran",
    "text": "April 2026, ETH 2300."
  },
  {
    "speaker": "This guy",
    "text": "If you shorted ETH on Friday, you would have outperformed holding ETH for four years."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Okay?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And it just gets meme'd and meme'd."
  },
  {
    "speaker": "Ash Crypto",
    "text": "If you bought Google yesterday, you would have outperformed holding ETH for 5 years."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, I don't even want to talk about the price performance of ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It feels to me like things at Ethereum are bad."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Like really, really bad."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In fact, they're so bad that even the guys from Bankless are the guys that started a whole YouTube channel and a whole media station around ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "These were the biggest ETH maxis."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And even those guys have basically come out and said that they've sold the ETH or in fact, David from Bankless has come out and said that he sold his ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, it does feel to me like things are bad."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It feels that ETH actually could really be dying."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Or at least that's what you'd think if you were reading Twitter, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Because I know what's going on on your timelines."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I've seen it because it's on my timeline as well."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And if you believe what's going on on the timeline, what you'll basically believe is that ETH is about to die."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But let me tell you something about ETH, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "I've been in ETH for a long time."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I mean, in fact, my first Ethereum was something around $4."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I bought Ethereum, I think somewhere in the beginning of time when ETH was trading, somewhere around $4."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the one thing that I've learned about ETH is that no matter how many times they pronounce ETH dead, no matter how bad it gets, no matter how bad the timeline gets, ETH always bounces back."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the thing is, when ETH bounces back, it doesn't just bounce back, but it always catches this sideline rally."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It basically finds all the people that are sidelined and it gives them this most hated rally."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It gives them a crazy hated rally."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And when it does, that's when you want to be in ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, I mentioned to you guys earlier that I've got a very abusive relationship with ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "When ETH launched at about I don't know when it launched and I started buying it between $4 and $5, I made a lot of money on ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "That first run was a run where I mean we bought it here and I think it went all the way to like $1,400 at one point or $1,180."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And in that run I landed up making a lot of money."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so I think you know for me ETH has been an amazing asset."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But after that run I think began my abusive relationship with ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now to be honest I do hold ETH in my portfolio today and I've often been tempted to sell the ETH in my portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Why?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Because when I hold ETH, I always feel like I'm missing out on a narrative."
  },
  {
    "speaker": "Cryptomanran",
    "text": "When I hold ETH, I always feel like at this time I felt like I was missing out on perps."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In the last cycle, I felt like I was missing out on the whole generational memecoin run."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, for me, ETH is like this big FOMO asset, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Every time I hold ETH, when I look at my ETH holdings, the ETH price doesn't move, and I always feel like I'm missing out on narratives because the protocol is so slow."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It's very you always land up missing out on the narratives."
  },
  {
    "speaker": "Cryptomanran",
    "text": "On top of all of that, I don't know about you guys, but when I see ETH developers and I see them in their natural environment in the DevCons and whatever else, I always feel to myself, I can't help but think to myself that these guys are supposed to be building the future of finance, but what they're actually building is like this airy fairy philosophy, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so whenever I think about ETH, I'm like, am I backing these airy fairy people building a philosophy instead of building the future of finance?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so I keep questioning whether or not I should have it in my portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so my typical day goes something like this, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "I get a new investment opportunity."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I want to invest."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think to myself, okay, how am I going to invest?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "I need money from somewhere because I'm fully allocated to crypto."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And then I'm like, okay, hold on a second."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I can actually sell some of my ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But then I think to myself, if I sell my ETH and I put the money into some other asset, then I'm really changing the risk profile of my portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So when you're selling an asset like ETH, which is a stable asset, one of the majors, and you're chasing a faster move, like let's say you're chasing Venice or even Hyperliquid, you inevitably changing the risk structure of your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so ultimately every time that I want to invest in something else, I always err on the side of caution and then decide not to sell my ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think the other thing that I've learned about ETH is that no matter how bad you think it gets for ETH, no matter how loud the timeline is about ETH actually dying, ETH never ever dies."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It's the most resilient asset that you've ever seen."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In fact, it's so resilient that when people were talking about high transaction fees and stuff like that, ETH managed to build a new narrative around these layer twos, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And then, you know, those layer twos gave new life to ETH when people spoke about how proof of work was limiting ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Then you had this coordinated effort of all these decentralized developers and those guys pulled off a merger between proof of work and proof of stake."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Can you imagine like you've got this big protocol moving at a thousand miles an hour in mid-flight and they changed the engines from proof of work to proof of stake and they did it successfully."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So if there's one thing I've learned about ETH is never ever write off ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I've been here for a long time."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I've got the same love hate relationship that you've got with ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Trust me, I know how frustrating it is being an ETH holder."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But I also know that you can never ever write off ETH because every time in the past where we've written off ETH, ETH has given us some kind of rally."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now granted, it hasn't given us a big rally and we'll talk about why in a few seconds, but I want to break down the ETH thesis and I think that the ETH thesis is not around whether or not ETH is going to die or not."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I don't think ETH's going to die, but what I do think is that you should be asking yourself whether ETH has a place in your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, the reason why I say whether ETH has a place in your portfolio, ETH's a great asset, but if you're here and you're chasing high returns and ETH doesn't have a place in your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you're here and you're chasing a little bit more stability, but still want access to crypto, then maybe you'd say that ETH does have to have some kind of place in your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And that's really what I want to spend time talking about today."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, for those of you who don't know me, my name is Cryptomanran."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I'm here every day."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I bring you guys crypto love and I bring you guys crypto wisdom."
  },
  {
    "speaker": "Cryptomanran",
    "text": "All I ask in return, believe it or not, is that you smash the like button."
  },
  {
    "speaker": "Cryptomanran",
    "text": "That's it."
  },
  {
    "speaker": "Cryptomanran",
    "text": "All that's all I asked you guys to do."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, if you're here, subscribe to the channel."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you're not already subscribed, hit the like button."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think I'm going to answer what is probably one of the most important questions of the day, and that is, does ETH still have a thesis in crypto today in 2026?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think the reason why I asked that is because everyone is talking about ETH being dead right now."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think I've mentioned to you I don't think ETH is going to die, but let's talk about what the ETH thesis is in 2026."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think that the best way to decide or to talk about what the thesis is for ETH is to actually look at the landscape in 2026 and ask like a very important question."
  },
  {
    "speaker": "Cryptomanran",
    "text": "What is ETH in 2026?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "I know what ETH was in the old days."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It was this young chain that was being built by these airy fairy developers with big culture."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But what is ETH in 2026?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And does ETH actually still have a place in the market in 2026?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, I answer the question like this, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "When you look at the fundamentals of Ethereum, the first thing is that you've got to appreciate that the data actually says that ETH is the biggest decentralized smart contract blockchain."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Okay?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, when I say the biggest decentralized smart contract blockchain, if you look at the data, the data here shows that ETH has almost 900,000 validators around the world."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, for those of you who don't know what these validators are, these are computers around the world that approve or confirm Ethereum transactions, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And ETH has 891,000 validators that validate their transactions."
  },
  {
    "speaker": "Cryptomanran",
    "text": "That means that ETH is the most decentralized blockchain out there."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you compare that to, for example, Solana, Solana has 734 validators."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And if you compare that to BNB, then you can see that BNB only has 45 validators."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, if you're looking for a very decentralized smart contract blockchain, then I think that what you can see is that the data says that ETH is the most decentralized smart contract blockchain."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But it doesn't really end there, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "When you talk about decentralization, there's two parts to decentralization."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The first thing is the people that approve your transactions."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The second part of decentralization is around the developers and how decentralized the developers are."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I don't know if you've been following the ETH road map, but the developers of ETH are so scattered around the world that the road map that ETH is working on is like a three or four year road map."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In fact, if you look at the footage from DevCon last year, this is the footage from DevCon last year."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And what you can see is that Vitalik is actually talking about a road map that is taking them to 2030, replacing a lot of suboptimal components with components that are known to be much closer to optimal."
  },
  {
    "speaker": "Vitalik",
    "text": "So really focusing on security, simplicity, optimality and in parallel with adoption of ZKVMs which could include min VMs that are much more optimized than the EVM enabling the next order of magnitude of scaling L1."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So they're talking about decentralizing ETH and getting to fast transaction speeds, but they're talking about a 2030 road map."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I mean, you could say like in the blockchain world, like 2030, that's a lifetime."
  },
  {
    "speaker": "Cryptomanran",
    "text": "We don't know what the narratives are."
  },
  {
    "speaker": "Cryptomanran",
    "text": "We don't know."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But hold on a second."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Bear with me."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Bear with me here for a second."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The next thing that you want to look at is you want to look at the amount of money securing the network, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Because if you're an investor and you're looking for a smart contract blockchain that is decentralized, you also want to know the amount of money that actually secures the network, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And for that, you need to look at the amount of ETH that is actually staked."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now today there's 39 million ETH actually staked on the chain."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now what does it mean that there's 39 million ETH actually staked in the chain?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "It means that about $85 billion at today's valuations is currently securing the ETH network."
  },
  {
    "speaker": "Cryptomanran",
    "text": "That is the sum total of all the ETH staked with the validators that actually approve transactions which means that today $90 million or $85 billion secures the ETH network."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In contrast to that, in fact, $81 billion."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In contrast to that, the next biggest chain in terms of security, in terms of staking is Solana, and Solana has $35 billion securing it."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, if you're looking for a very secure, very decentralized network, then it looks like probably the most secure and most decentralized network is ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The only problem is that ETH takes a long time to upgrade and it takes a long time to upgrade."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But bear with me here because I think there's a big difference between what we're looking at as VC investors and what real institutions and real TradFi money are looking for."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, let me explain to you what I mean."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you're an investor, you want to and specifically a crypto investor who's looking for a dopamine rush."
  },
  {
    "speaker": "Cryptomanran",
    "text": "You want to invest in the new shiny object, the one where the biggest narratives are going to be happening."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In contrast to that though, if you're a regulated player and you're dealing with a lot of money, you want to make sure that you invest your money in the safest place possible and you put your client's money in the safest place possible."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And what is the safest place possible?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "It's the most decentralized network with the most amount of money securing it, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And on top of that, the one that is the slowest to make decisions, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Think about this."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Bitcoin works because everybody knows what they're getting and they know the rules aren't going to change."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so you know exactly what you're getting."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And that's what's important to TradFi investors."
  },
  {
    "speaker": "Cryptomanran",
    "text": "TradFi investors aren't here looking for the fastest 100X or the lowest transaction speeds."
  },
  {
    "speaker": "Cryptomanran",
    "text": "TradFi investors have different metrics."
  },
  {
    "speaker": "Cryptomanran",
    "text": "They have different risk tolerances, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "TradFi investors, they want a chain where they know exactly what they're getting and they know exactly what the security is, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And that's probably why when you look at what TradFi choose to roll out their rollouts, they're choosing Ethereum over all the other chains."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, BlackRock was the first when it launched its first tokenized fund on the Ethereum network."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But then you can go to more cryptonative platforms, platforms like say Robin Hood or platforms like Coinbase."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And if you think about those platforms, Robin Hood, Coinbase, etc., they had the option to go with whatever chain they wanted or to fork whatever chain they wanted or to build on Solana or to build on anything else."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And both of those big institutional players that are playing in the United States chose to build on Ethereum."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Robin Hood chose to build a layer 2 on Arbitrum and Coinbase chose to build a layer two on Optimism which is today the Base network and we're waiting for the launch of Base."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so I guess it's when you look at it through that lens and you look at it through the lens of big money and I'm not talking about crypto speculative money but I'm talking about real big money then I guess it's no wonder that ETH is actually the biggest protocol by TVL on DeFi."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And it's not only that it's the biggest protocol by TVL on DeFi."
  },
  {
    "speaker": "Cryptomanran",
    "text": "You can see that it is almost 10X the next competitor which is BNB which has $5.65 billion on the chain."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So I think that for ETH the bug is the feature what we consider a bug as crypto investors the fact that ETH is so slow to move so slow to change to dynamic market conditions is exactly the feature for TradFi and that's why it seems that TradFi is actually choosing ETH over everything else certainly over Solana and everything else but when you look at real world assets again it's Canton and then after Canton basically it goes down to ETH and ETH has like I think $19 billion at the moment."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So it's Canton and then it's which has $200 billion under management under TVL and then you've got ETH at $18 billion and if you look at let me just sort that for us by total value locked the next one is BNB which has $3.7 billion in TVL."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So the same thing that is a bug for us is a feature for the TradFi investors and I want to talk a little bit about the TradFi investors because when it comes to TradFi there's two parts of TradFi that actually have to find their way onto blockchain right the first one is the TradFi components or the TradFi players that actually want to build on blockchains people that want to build and put TVL people that want to put real world assets on chain that's the one component of DeFi right and there I've already showed you that most of them are actually choosing ETH in fact by country mile."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But then there's the other side of it, the investor side of the coin, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And when it comes to the investor side of the coin, again, what you can see is that people are choosing ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, let me show you what I mean, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "When you look at the ETH ETF, if you look at it through these eyes, you'll say, \"Hold on a second.\""
  },
  {
    "speaker": "Cryptomanran",
    "text": "The ETH ETF has only managed to attract 11.6 billion of inflows, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "At the same time though, if you look at the Bitcoin ETF, the Bitcoin ETF has managed to attract $60 billion or $56 billion of TVL, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so you argue, so at face value, when you look at something like this, then you say, \"Hold on a second.\""
  },
  {
    "speaker": "Cryptomanran",
    "text": "TradFi is giving us a clear signal.\""
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the clear signal that TradFi is giving us is that they don't want ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But I think that if you look at it like that, you're missing the point."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And let me show you what I mean, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you take the number of ETH that are locked up in ETFs, which is 11.6 billion worth of ETH, and you divide that by the total market cap of ETH, which is $254 billion, then what you're realizing is that actually 4.75% of all ETH is now sitting in ETFs, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Same thing for Bitcoin."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you take $58 billion over the $2 trillion market cap that Bitcoin have, then what you realize is that actually only 2.86% of the Bitcoin sit in the ETF."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So what does that mean?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "It means that on a relative basis actually from institutions on a relative basis relative to the market cap there's more demand for ETH than there is for Bitcoin."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I know it seems counterintuitive but when you compare it on a market cap on a market cap per market cap level then that's what happens."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, I want to talk about another point."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the other point that I want to talk about is I want to talk about quantum because I think that's the big elephant in the room."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think that that's one of the reasons why Bitcoin isn't pumping at the moment is because everyone's scared of the quantum threat."
  },
  {
    "speaker": "Cryptomanran",
    "text": "ETH on the other hand is way ahead of this quantum threat."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, in 2020, I think it is, they put quantum on the road map."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And today both Vitalik and a guy called Justin Drake who's basically leading ETH's quantum readiness campaigns."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Basically what you can see is that these guys are very serious about it."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And they talking about it says he says this is Justin Drake."
  },
  {
    "speaker": "Justin Drake",
    "text": "It's 2026 now timelines are accelerating time to go full postquantum resistant."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And they gave themselves a 2029 deadline to actually be ready with full quantum resistance basically."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so what you can see is that ETH also has a quantum plan which most blockchains don't have or those that do have you know or some blockchains don't have specifically Bitcoin doesn't have and so the second biggest asset actually does have a postquantum road map."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Okay, now let's talk about the elephant in the room."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Let's talk about the developers that are actually leaving the foundation and all these scary headlines that you've been reading."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And this is the reason why today we're getting all those headlines again that ETH is dead."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In fact, this is the Scott Melker says two Ethereum Foundation people are leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Then it became eight."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Here's some more headlines."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Here's a headline here that basically says two more Ethereum Foundation research resign amidst a wave of departures."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And when you look at the names, the names are pretty scary."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Yeah."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I mean, at face value, if you're reading these headlines, and I kind of understand why if you're holding ETH, you're actually panicking."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But let me give you some perspective here, because I think that if you haven't been around for a long time, you don't have this perspective."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think it's really worth actually getting this perspective."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, let's talk about the ETH Foundation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The ETH Foundation was a foundation that was founded in the early days of ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And for years, the ETH foundation was everything to Ethereum."
  },
  {
    "speaker": "Cryptomanran",
    "text": "They were the communications arm."
  },
  {
    "speaker": "Cryptomanran",
    "text": "They were the development arm."
  },
  {
    "speaker": "Cryptomanran",
    "text": "They were the coordination arm."
  },
  {
    "speaker": "Cryptomanran",
    "text": "They were the arm that gave out all the grants and they really tried to be at the center of Ethereum."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But the thing is that Ethereum started to grow and Ethereum grew very fast."
  },
  {
    "speaker": "Cryptomanran",
    "text": "You got all these companies developers all building on Ethereum."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And the truth is that the protocol outgrew the foundation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "The foundation kind of became this thing that was like a burden for the protocol."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It was selling ETH every month to cover these ridiculously high expenses that they seem to have."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It was just a very fat protocol, a very fat foundation for the protocol."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so last year they made a decision to streamline the ETH foundation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And in the streamlining of the ETH foundation, they removed the ETH foundation from anything except protecting ETH's core mission."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, and the core mission was limited to things that really affect the protocol."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so, in that transition, you had a whole lot of developers actually leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But it's not like they left and there wasn't a plan B."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Their replacements were already in place before these guys actually started leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Now, the people that were leaving are people that have different ideals from the current foundation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Some of the people, remember, ETH is about a culture."
  },
  {
    "speaker": "Cryptomanran",
    "text": "ETH is about stability."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And some of the people that were part of the people that are leaving were the people that thought that ETH needs to become more like Solana."
  },
  {
    "speaker": "Cryptomanran",
    "text": "People that thought that ETH needs to become more competitive, more competitive on cost per transaction, etc."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so there was a big spate of people leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But as Vitalik pointed out in an article that he wrote and I don't feel like reading you the whole article here but basically what he lays out in this article is he says that right now the role of the foundation must be reduced that the protocol can be more decentralized."
  },
  {
    "speaker": "Vitalik",
    "text": "The foundation should become one node or one place but shouldn't be the be all and end all of the foundation."
  },
  {
    "speaker": "Vitalik",
    "text": "Look, the foundation only own .16 of all ETH in circulation, and so it's kind of time for them to wind down what they're doing and let the protocol run and be more decentralized."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Also, what he said here is he basically said that 95% of I think he said 95% of his net worth still remains in ETH and he still remains committed to the task at hand."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so, it's not like he's abandoning ship."
  },
  {
    "speaker": "Vitalik",
    "text": "Nearly 90% of my net worth is in ETH and most of the remainder is onchain fiat of which every dollar has been allocated to some open source biotech or software and hardware initiative."
  },
  {
    "speaker": "Vitalik",
    "text": "That said the aspects of supporting ETH the asset necessary aspects that are outside the scope of the ETH foundation."
  },
  {
    "speaker": "Vitalik",
    "text": "This is where we need other heroes."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So he's basically saying look the ETH foundation has been the hero up to now but we actually need some other heroes."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So let's talk about where we're at with ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And in fact, maybe we should also talk about why people like the Bankless team or David from Bankless are actually leaving."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And this is exactly what he said."
  },
  {
    "speaker": "David from Bankless",
    "text": "Interesting when the price is higher."
  },
  {
    "speaker": "David from Bankless",
    "text": "Yes, it is."
  },
  {
    "speaker": "David from Bankless",
    "text": "But like yeah, Justin Drake's lean Ethereum getting over the quantum hurdle."
  },
  {
    "speaker": "David from Bankless",
    "text": "There are things that are bullish and exciting and I have absolutely no interest in pivoting away from not doing content like that."
  },
  {
    "speaker": "David from Bankless",
    "text": "So like I don't want people thinking that I'm swapping to being an Ethereum antagonist."
  },
  {
    "speaker": "David from Bankless",
    "text": "Not at all the case."
  },
  {
    "speaker": "David from Bankless",
    "text": "I absolutely intend on covering all the interesting cool stories about Ethereum from whether it's adoption from TradFi or again whatever Justin Drake is building or stuff like this."
  },
  {
    "speaker": "David from Bankless",
    "text": "I'm still going to cover all of that."
  },
  {
    "speaker": "David from Bankless",
    "text": "I'm just not holding ETH."
  },
  {
    "speaker": "David from Bankless",
    "text": "Just doing it while I'm not holding ETH and that's fine."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And that's so let's talk about what he just said."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I mean, you know, it's strange for me to see because these guys literally built an entire business on ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think that them leaving is actually exactly what's happening out there, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, blockchains changed."
  },
  {
    "speaker": "Cryptomanran",
    "text": "In the old days, we were building the rails."
  },
  {
    "speaker": "Cryptomanran",
    "text": "We were in this speculative game."
  },
  {
    "speaker": "Cryptomanran",
    "text": "We had to hurry up and do things quickly and to make returns."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But now, we're moving into a period where certain blockchains and certain elements of blockchains are becoming much more institutionalized."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And by virtue of the fact that they are becoming much more institutionalized, they appeal to a different type of investor."
  },
  {
    "speaker": "Cryptomanran",
    "text": "This type of investor is leaving and a different type of investors coming in."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I want to show you the stats around a different type of investor that's coming in."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Today, when you look at the stats, about 11% of Ethereum is in the hands of treasury companies and ETFs, which means that about 11% of all Ethereum is now in the hands of TradFi."
  },
  {
    "speaker": "Cryptomanran",
    "text": "We're going through a renaissance where these guys are selling and the crypto holders are selling and the institutions are actually starting to accumulate the supply and you can kind of see it's whether it's through all the treasury companies or whatever else."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Ultimately these guys are accumulating ETH and yes of course you may read the headlines that Tom Lee's down and he's down."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I was actually looking for some headlines earlier where I saw that Tom Lee's down $20 billion or $7 billion on his ETH purchases."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Here, here's one of them."
  },
  {
    "speaker": "Cryptomanran",
    "text": "You can see it here."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It says that Ethereum price drop deepens, Tom Lee's portfolio bleeds 7.8%."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And they're right."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But I also want to remind you when FTX collapsed where Michael Saylor was right in those days, I'll try and find you."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Yeah, this week Saylor stepped down as CEO of MicroStrategy and he's down about $1 billion and that was in August 2022."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I remember those headlines pretty clearly like the bashing and hating of Saylor."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But if you go one cycle later, Saylor's basically a hero today, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think that this is very similar to what's happening to people like Tom Lee at the moment."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think ETH is one cycle behind Bitcoin."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think Tom Lee is Tom Lee, Joseph Shalom from Sharp Link."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Those are the Michael Saylors of the next cycle, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, Michael Saylor was, you know, the Bitcoin guy."
  },
  {
    "speaker": "Cryptomanran",
    "text": "He started one cycle before these guys, but these guys are the next ETH guys."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think what's going on now is that we're going through a change in ETH where for crypto holders, maybe ETH isn't that exciting."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I agree, but for TradFi holders, ETH is a very exciting asset."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Remember, this is an asset that has yield."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It is an asset that in their minds can actually also get price appreciation."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And so, I think we're going through this transition phase."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think also from a technological point of view, I think ETH's doing a lot to actually get the technology right."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So if you look at one of the upgrades now called Glamsterdam, part of the Glamsterdam upgrade actually takes ETH to 10,000 transactions per second."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I don't want to go through how it's actually done, but it makes ETH it does parallel execution of transactions, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "So headline targets in current research TPS ceiling with 10,000 and changing the gas level."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, it's not like they stopped on the development."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, now the big question is, and let me know in the comments if you're holding ETH, if you're not holding ETH, right?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Should you be holding ETH or should you not be holding ETH as part of your crypto portfolio?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "It depends on your risk tolerance."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It depends on why you're here."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you're here because you want to make quick returns and you want to chase shiny objects and ETH is not really something that you should have on your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "If you're here because you want slightly more stable returns with a chance of a massive upside run."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And when I say a massive upside run, as I mentioned to you earlier, every time we've pronounced ETH to be dead, ETH has bounced."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I mean, Ben Cowen actually says it pretty well."
  },
  {
    "speaker": "Ben Cowen",
    "text": "ETH is likely heading towards its lower logarithmic regression, which roughly aligns with the April 2025 lows, which is at about 1,400 or 1,500 away, which is 20% away kind of like maximum if it goes back to all the cycles."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So, I don't know."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I think risk return for me, I'm definitely going to hold some ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "It's not my most exciting asset."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But it's an asset that I think you need to have in your crypto portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I do have a lot of exciting assets."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I have the Solanas, I have the hypes, I have the VVS, I have all the other ones."
  },
  {
    "speaker": "Cryptomanran",
    "text": "But I'm also holding ETH."
  },
  {
    "speaker": "Cryptomanran",
    "text": "So yeah, let me know if you're holding ETH in the comments."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Otherwise, let's just quickly have one look at the markets before we go because I saw it there wasn't much going on."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Yeah, there's nothing going on."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Nothing."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I think it's going to carry on like this until we get some kind of real news on the war."
  },
  {
    "speaker": "Cryptomanran",
    "text": "What else?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "What else?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "Someone says you have ETH but you don't stake."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I mean for 2 or 3% I kind of get it."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I kind of get it."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Let me know if you're holding ETH in your portfolio."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Let me know if it's something that you're holding."
  },
  {
    "speaker": "Cryptomanran",
    "text": "And I do think we'll have some kind of of market meltup at some point."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I just don't know when it's going to happen."
  },
  {
    "speaker": "Cryptomanran",
    "text": "All right, my friends."
  },
  {
    "speaker": "Cryptomanran",
    "text": "I'll see you guys again tomorrow."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Until then, you know what to do."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Trade well, my friends."
  },
  {
    "speaker": "Cryptomanran",
    "text": "Yo, what's happening, bro?"
  },
  {
    "speaker": "Cryptomanran",
    "text": "This is a quick one."
  }
]