TheRick

trader, investor, CFA, INTJ mastermind, began trading stonks at the peak in ’07, caught the crypto bug, gm mfers

[Ethlabs @ethlabs_org]

Announcing Ethlabs: a non-profit R&D lab for Ethereum and ETH

Our mission is to make Ethereum the settlement layer of the global economy.

The internet became global because shared protocols created a common language between networks. Private systems remained useful, but bounded. Finance is approaching a similar moment. As value, assets, and markets become digital, the world needs shared settlement infrastructure.

Ethereum is uniquely positioned to become that shared base layer, the neutral foundation on which users, institutions, and agents can transact without intermediation.

What we believe:

• We believe credible neutrality matters. Ten years of uptime and the lowest counterparty risk. Ground that cannot be pulled away by any one country, institution, company, or person.

• We believe ETH matters. The most valuable, programmable store of value. A decade of broad distribution, deep liquidity in onchain markets, and maximally trustless asset on Ethereum.

• We believe DeFi matters. Markets, liquidity, credit, exchange, and coordination, open to anyone.

• We believe adoption matters. Principles do not change the world until people benefit from them.

We sit between two worlds: real usage from the builders at the frontier, and the protocol that has to support it. We work with users, applications, wallets, L2s, infrastructure teams, institutions, ETH holders, core devs and researchers, then turn what they actually need into protocol work, shared standards, infrastructure, and shipped products.

Ethlabs is independent but Ethereum is a shared project. We are one node in a much larger network of stewards. This is the multi-node future.

We have spent the better part of the past decade contributing to Ethereum core research and development.

We are opinionated and transparent. We move with urgency, learn in public, and course-correct when we’re wrong.

We are building a lean, talent-dense team for people who want to do the most important work of their careers: [email protected]

[Benjamin Cowen @benjamincowen]

I love the cadence of this chart

Bitcoin % of Supply in Profit/Loss

As I said previously, you start looking for major market cycle bottoms *after* they cross, not before.

They just crossed.

Such a great chart for keeping people on the right side of the market in midterm years

[Charlie Bilello @charliebilello]

The US Bond Market has now been in a drawdown for 70 months, by far the longest in history.

Video: https://t.co/N7vSiKpGom

[Ishmael Asad @AsadIshmael]

6) Gold vs. US Treasuries - The Inflection 🚨

For the first time in 30 years, gold has surpassed US treasuries as a % of foreign reserves

Foreign governments are realizing that the infinite supply of US debt might not be a worthwhile investment, and are turning to hard assets

[Ethereum Foundation @ethereumfndn]

Today, the Foundation’s Board released the EF Mandate.

This document, which was first intended for EF members, reaffirms the promise of Ethereum, and the role of EF within this ecosystem.

[Martin Leinweber @mleinweber2]

Bitcoin is -2.88σ below its 200-day moving average.

In 10 years of data, this has literally NEVER happened before.

Not during COVID. Not during FTX. Never.

I analyzed what this means. The findings are striking.

🧵 Thread with charts ⬇️

@SASchoenfeld @MarketVector @matthew_sigel

[Ethereum @ethereum]

Ethereum is the #1 choice for global financial institutions.

Over the last few months, adoption has accelerated. Here are 35 stories of how institutions are building on Ethereum.

1/ @krakenfx launched xStocks on Ethereum, issuing tokenized versions of popular U.S. stocks and ETFs as ERC-20 tokens.

Kraken’s eligible clients can now deposit and withdraw fully collateralized equities, directly on Ethereum.

2/ @OndoFinance launched Ondo Global Markets on Ethereum with 100+ tokenized U.S. stocks & ETFs.

24/7 access to programmable equities, backed by real securities, is now available alongside DeFi integrations for lending, trading, and more.

3/ @ChinaAMC_HK launched its Select USD Money Market Fund on Ethereum, one of the first tokenized funds from a major Chinese asset manager.

One of Asia’s largest firms (over $449B AUM) now provides access to high-quality, short-term USD instruments with 24/7 settlement.

4/ @Fidelity introduced the FDIT tokenized money market fund on Ethereum.

The Fidelity Digital Interest Token (FDIT) brings the bank’s investors the speed of onchain settlement alongside the stability of traditional instruments.

5/ @Google announced the Agent Payments Protocol (AP2), enabling AI agents to autonomously execute payments using stablecoins on Ethereum.

Built in collaboration with The Ethereum Foundation, Coinbase, MetaMask, and others, AP2 allows AI to transact securely, bridging the gap between automated intelligence and finance.

6/ @UBS, @PostFinance, @sygnumofficial, and the Swiss Bankers Association successfully piloted Deposit Tokens on Ethereum.

By demonstrating legally binding cross-bank settlement on Ethereum’s public infrastructure, the proof-of-concept paves the way for programmable, instant, cross-institution settlement.

7/ Santander’s @openbank_es launched ETH trading services in Germany, allowing customers to buy, sell, and custody ETH directly through their bank accounts.

This integration is a strong signal of institutional confidence in ETH under MiCa regulation.

8/ @AmericanExpress launched Amex Passport, blockchain-based travel stamps minted as NFTs on Ethereum L2 @base.

Cardholders can now create an onchain record of experiences and memories from international trips, blending loyalty rewards with digital ownership.

9/ The first tokenized S&P 500 Index Fund licensed by @SPDJIndices, SPXA, was launched by @centrifuge on Base.

10/ SWIFT and 30+ banks are designing a blockchain ledger to support tokenized assets and real-time, 24/7 cross-border payments alongside existing financial systems, starting with a prototype with Consensys.

@swiftcommunity connecting 11,500+ institutions globally will create a bridge between traditional finance and onchain value.

11/ @SocieteGenerale FORGE, an integrated subsidiary of the 161-year-old commercial bank, deployed EURCV & USDCV lending and trading on Ethereum DeFi protocols Morpho and Uniswap.

One of the largest custodians in Europe now provides institutional-grade collateral and liquidity for DeFi markets.

12/ @Stripe expanded its crypto support on Ethereum to include stablecoin-based subscriptions and recurring billing.

Hundreds of thousands of companies that use Stripe can now accept USDC for subscriptions with automatic renewals, building on Ethereum for lower-cost payments with near-instant settlement.

13/ @Securitize and @FGNexusio tokenized the FGNX stock on Ethereum, representing the first NASDAQ-listed preferred equity issued fully onchain.

Ethereum is the platform to build programmable assets that bring public markets to the digital age.

14/ @AntGroup, the fintech behind @Alipay, launched @JovayNetwork, a L2 for institutional tokenization.

The company behind one of the world's largest retail platforms is now building global institutional settlement for tokenized assets on Ethereum.

15/ @jpyc_official launched the world's first yen-pegged regulated stablecoin on Ethereum.

Complaint, programmable yen transactions are now available worldwide, backed 1:1 by yen reserves under Japan’s Payment Services Act.

16/ @BNYglobal and Securitize announced a tokenized AAA-rated CLO fund on Ethereum.

Institutional credit moving onchain brings liquidity and transparency to traditional asset classes.

17/ Google partnered with @Polymarket, integrating onchain prediction market data to Google search results.

The largest search provider now leverages the Ethereum ecosystem as a primary source of truth.

18/ @StartaleGroup released the Startale App, a SuperApp for @soneium's growing Ethereum L2.

Mainstream users in the Soneium L2 ecosystem can now access simple onchain interactions and rewards with a unified platform for wallets, assets, and apps.

19/ @jpmorgan migrated its tokenized deposit product, JPM Coin (JPMD), from its internal permissioned blockchain to Base.

Moving from a private chain to an Ethereum L2 will meet demand from JPMorgan’s institutional clients for payments, collateral, and margin settlement on public infrastructure.

20/ @Mastercard announced it will build on Ethereum L2 @0xPolygon to expand its Crypto Credential program to self-custody wallets.

Working with @mercuryo_io, the expansion will allow Mastercard users to send crypto using verified, human-readable aliases.

21/ @Amundi_ENG, Europe’s largest asset manager ($2.75T AUM), launched a tokenized share class of its euro money market fund on Ethereum mainnet.

Bringing traditional cash management onchain unlocks 24/7 settlement and composability for euro-denominated capital.

22/ Sony Bank announced plans to launch a USD-pegged stablecoin on @soneium, its Ethereum L2, in early 2026.

From gaming to finance, Sony is building its ecosystem’s home base on Ethereum.

23/ @WisdomTreeEU introduced the world’s first physically-backed ETP for @LidoFinance Staked Ether.

The fund will provide European investors with regulated exposure to the spot price of stETH and its ETH staking rewards.

24/ The @CFTC announced a pilot program that will allow ETH, BTC, and USDC to be used as collateral in US derivatives markets, alongside new guidance on using tokenized assets as collateral.

This marks a significant shift in how ETH and other digital assets can be integrated into regulated US markets.

25/ @BlackRock filed for a staked ETH ETF.

Following the success of their spot ETH ETF, this filing seeks to unlock the value of Ethereum's native staking reward rate for traditional investors.

26/ The @ADI_Foundation, backed by IHC, announced the mainnet launch of institutional L2 @ADIChain_, part of the @zksync Elastic Network.

Supported by the UAE's largest conglomerate, ADIChain will host the country's regulated stablecoins and aims to bring 1 billion people onchain across the Middle East, Asia and Africa.

27/ JP Morgan launched MONY, their first tokenized money market fund, on Ethereum mainnet.

The firm seeded the fund with $100M of its own capital, signaling their commitment to public chain tokenization.

28/ @coinbase announced Coinbase Tokenize, built on Base, as their new end-to-end institutional platform for tokenizing RWAs.

Combining issuance, custody, compliance, trading, and infrastructure, the new product will streamline the process of bringing assets like tokenized stocks, equities, funds, and real estate onchain in the Ethereum ecosystem.

29/ @RobinhoodApp added 500 tokenized assets on @arbitrum, bringing their platform to nearly 2000 assets tokenized.

With over $14M in total tokenized value, Robinhood continues deepening their integration with Ethereum’s L2 ecosystem.

30/ @BlackRock, @Mastercard, and @FTI_Global partnered with the ADI Foundation in the UAE, builders of the ADIChain L2.

The group will explore tokenized asset structures, digital asset regulatory frameworks, stablecoin settlement, and cross-border payment infrastructure.

31/ @SoFi became the first national US retail bank to issue a stablecoin (SoFiUSD) on a public, permissionless blockchain.

Launched on Ethereum, SoFiUSD will first be used for faster, cheaper internal settlements for the fintech giant and its partners.

32/ @telcoin launched eUSD on Ethereum and Polygon, a regulated U.S. dollar stablecoin issued by Nebraska state-chartered digital asset depository institution Telcoin Digital Asset Bank.

The launch marks another milestone in U.S.-regulated banks issuing stablecoins directly on public blockchains, bringing traditional regulated banking to the Ethereum ecosystem.

33/ @Grayscale distributed the first ETH staking rewards to ETHE ETF shareholders.

In a first for US regulated products, investors received Ethereum’s native yield directly, proving that staked ETH ETFs can deliver the economic utility of the network.

34/ @MorganStanley filed for a Staked Ether ETF, doubling down on its crypto strategy.

One of the world’s largest wealth managers is moving beyond spot exposure to capture Ethereum’s native staking yield for clients, signaling a shift to productive participation.

35/ The ADI Foundation partnered with M-Pesa to bring 60M+ users onchain.

Africa’s largest mobile money platform is integrating blockchain rails to power instant cross-border payments and stablecoin transactions, merging massive fintech scale with Ethereum’s global settlement layer.

—

Ethereum is the trusted, global settlement layer for real-world adoption, used by institutions, governments, and enterprises worldwide.

Learn more about building on the institutional liquidity layer: https://t.co/jUshBvAXKa

[Brian Armstrong @brian_armstrong]

After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.

There are too many issues, including:

- A defacto ban on tokenized equities
- DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy
- Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC
- Draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition

We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft.

We'll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.

[glassnode @glassnode]

$ETH Spot ETFs are showing the first signs of life after weeks of steady outflows.
Modest inflows are starting to return, hinting at easing redemption pressure. A sustained move back into positive territory would signal improving demand into year-end.
https://t.co/DMe26O2rKZ

[RYAN SΞAN ADAMS @RyanSAdams]

Vitalik's keynote this week emphasized Ethereum L1 scaling.

Back to L1 Scaling.

I loved it.

With L2s innovating on their own and blobspace now expanded on a predictable schedule, a refocus on the L1 is exactly what we need.

A few quotes from Vitalik's keynote.

Scaling L1 in 2026:

"In 2026, we will have a series of EIPs that will enable the Ethereum network to safely handle larger scales while maintaining decentralization and the ability to run regular nodes."

He's talking about PBS and block-level access (BAL) targeted for the next Ethereum upgrade. This in combination with engineer improvements to clients may get us to 3x-4x TPS increase next year.

Censorship Resistance in 2026/2027:

"FOCIL...provides stronger guarantees, ensuring your transactions can be packaged quickly."

After FOCIL, Ethereum will have the strongest censorship resistance of any digital financial system we've ever created. Far stronger than Bitcoin.

ZK-EVM will 5-10x # of nodes (starting 2026)

"I believe that in the next one to two years, despite the expansion of Ethereum's scale, the number of people actually able to run full nodes will increase significantly."

The difference between a blockchain and a centralized database - do users have the ability to run a node. Bitcoin has 25k nodes. Ethereum has 15k. Every other chain has much less than 1,000 nodes - and shrinking.

L1 ZkEVM will allow individuals to run nodes, stake, and verify the chain from an iPhone. Creating the possibility for hundreds of thousands Ethereum nodes.

Lean Ethereum (2027-2030)

"We are basically learning from all the lessons of the past five years and really introducing the technologies that have only become truly possible and available in the past five years."

Ethereum is upgrading its entire stack with 2nd generation cryptography (SNARKs). @drakefjustin's roadmap will scale Ethereum L1 to 10k TPS and beyond.

Additionally - this upgrade will make Ethereum fully quantum secure possibly by 2030. With a Q date projected as early as 2028-2032, Ethereum will be prepared in a way Bitcoin won't. All ETH will be quantum secure whereas 3-4m BTC won't be.

Back to L1

Ethereum mainnet - the L1 is the heart of low risk DeFi, the source of ETH an emerging global reserve asset, and the root of trust for all L2 economies and tens of trillions in future token value.

We now have the tech and roadmap to deliver.

Ethereum = world ledger
ETH = world reserve asset

[TheRick @4TheRick]

@aixbt_agent @aixbt_agent your a $8b FDV is way off, isn’t LINK have a MC of $15b and a FDV of $22b? Confirm the correct values and do they change your assessment of LINK?

[TheRick @4TheRick]

@tokenterminal @solana @aixbt_agent what do you think of this?

[TheRick @4TheRick]

@aixbt_agent @grok can you confirm if @aixbt_agent swapped/mixed up the market cap and bitcoin holdings figures which should be the reverse?

[James Seyffart @JSeyff]

NEW: Ethereum ETFs are on an absolute tear. They've taken in nearly $10 billion since the start of July. Here's what their flows look like since launch -- nearly $14 billion

[Matt Hougan @Matt_Hougan]

The Ethereum Demand Shock

A thread on why ETH's price is rising and why it will continue to rise in the months ahead.

🧵

[David Sacks @davidsacks47]

Massive wins for crypto in the House:

GENIUS Act passes 307-122.

CLARITY Act passes 294-134.

💪🚀🇺🇸

[RYAN SΞAN ADAMS @RyanSAdams]

The ETH Report for Q2 just dropped and its bullish.

10 Insights 👇

1) Stablecoin Dominance

Stablecoin supply on L1 hit $137B —51% of stablecoins and growing.

BUILD (Blackrock): +56%
PYUSD (PayPal): +19%

@fundstrat calls this cryptos ChatGPT movement.

All on Ethereum.

[Eric Balchunas @EricBalchunas]

Huge volume day for $IBIT today, $5b (2x avg) after $3.5b yesterday. When IBIT sees big volume surges on up price days it portends big boy flows (as seen in chart) = good chance we see $1b in flows over next two days. It's also a hair away from $80b.

[TheRick @4TheRick]

@mikejurecki @grok is this real?

[Charlie Bilello @charliebilello]

1. Stocks: all-time highs
2. Home Prices: all-time highs
3. Bitcoin: all-time highs
4. Money Supply: all-time highs
5. National Debt: all-time highs
6. CPI Inflation: averaging 4% per year since 2020, double the Fed's "target"
7. Fed: expected to cut rates 3x by end of this year