Callum Jones

[X Finance Bull @Xfinancebull]

My followers have been asking me to cover $XNO.

I finally went deep. And what I found deserves attention because this might be one of the cleanest payment-layer designs in all of crypto.

Nano has been around since 2014.

Twelve years. No ICO. No VC funding. No mining. No staking rewards. No transaction fees. Zero.

The full amount you send is the full amount that arrives. Every time.

Average confirmation: 0.2 seconds.

Not 3-5 seconds. Not 15 seconds. Two-tenths of a second.

Production traffic has hit 161 transactions per second with beta tests exceeding 1,800 CPS.

The supply is completely distributed. 133.24 million XNO. 100% circulating.

No future mining emissions. No staking inflation. No vesting cliffs. No scheduled unlocks. No insider allocations dripping onto the market.

Every token that will ever exist already exists. That's one of the cleanest tokenomics in crypto.

If demand grows, there's nothing diluting holders from the protocol side.

Merchant payments through NOWPayments, Coinify, and multiple gateways. Travala accepts it for travel bookings. Alternative Airlines for flights.

The emerging catalyst that caught my attention:

👉AI-agent payments.
👉Machines making tiny automated transactions need instant settlement and zero fees.
👉Nano's design fits that use case naturally.
👉NanoGPT and x402 payment tooling are already live on mainnet.

Important caveat.

👉Nano has no fee revenue and no direct protocol rewards for node operators.
👉The network relies on participants who benefit from running infrastructure.

That's a real risk worth noting alongside the thesis.

But the fundamentals are clean. Fixed supply. No fees. Instant settlement. No mining energy cost.

And a clear use case in a world moving toward microtransactions and machine-to-machine payments.

$XNO is not trying to be everything. It's trying to do one thing perfectly.

And in a market full of overpromising protocols, simplicity might be the edge nobody's pricing in.

What utility coin needs a deep dive next?

[vitalik.eth @VitalikButerin]

Some of my perspective on where the @ethereumfndn is going.

First of all, this is only my own view. The board is not just me, and I have no extra special powers on the board that the other board members do not. @aerugoettinea is the one executing much of this transition. My input has been largely on technical questions. The board is in the process of expanding, and my own power within the org will continue to decrease, which is honestly what I want.

The 2025 era brought many important improvements to EF and its ability to execute. Many issues were resolved, and EF continues to benefit from its improved efficiency and greater focus on concrete goals to this day. And so with those problems resolved, early this year, the largest remaining hole that I perceived was something different nagging at me: I would regularly spot people saying things like "vitalik says these beautiful things about ethereum needing to be decentralized, and have privacy, and be a sanctuary technology, but why do the EF's actions not reflect that?"

Now, you may have been hearing something different. You may not have been sensing a feeling of crisis at all, and maybe were hearing people saying that finally we were taking execution and BD seriously and the main task for us is to keep going that way and be even better and faster. Then probably there is genuine difference between you and me, in what kinds of criticism I take most seriously, and what kinds of critics through their criticism are most able to make me feel pain.

As an analogy, let's briefly switch over to a different domain.

One belief you can have about Google is that it is a success story, and has brought a lot of good to humanity in organizing the world's information. Another belief you can have about Google is that they had a beautiful idealistic beginning, but at some point the corruption of mainstream corporate attitudes seeped in, and they slowly bit by bit completely abandoned the "don't be evil" slogan.

My belief on Google specifically is probably somewhere between the two. BUT, if you had taken me back in time to ~2008, and offered me a button to press to make Google one or two standard deviations more "dogmatic", eg. give Richard Stallman permanent veto power over some key policies, I would immediately press it.

Why? Because a choice for one company is not a choice for the world, or even one country. Google existed and exists in the context of a technology industry generally drifting away from early idealistic don't-be-evil roots and toward greed for financial gain, totalizing visions of accelerated superintelligence, infiltration by sociopaths, and craven capitulation to (or worse, active participation in) government pressure for ideological control, surveillance and war. And so *one company* doing something different, positioning itself to be what George Bernard Shaw calls the Unreasonable Man, resisting the trend of the times, would have been better for freedom, balance of power and stability of society as a whole, than *all* large companies bending to dominant trends. This is a part of my version of pluralism.

This line of thinking is not just mine, but I also is not too far off from what Aya and others had in mind with the Mandate.

Now how does this all get to the role of the EF?

EF is not a "center of Ethereum", rather EF is "one node, with a defined purpose, alongside other nodes". We've always said that the EF should be the latter, but many in the Ethereum ecosystem (and even within the EF) wanted us to be the former. Now, we are taking action to ensure that we will be the latter.

This is particularly important because EF is a limited organization, with limited resources and limited organizational capacity. The EF has only ~0.16% of all ETH (less than many other individual ETH holders), whereas among other blockchains it's common for "the central foundation" to have 10-50%. Fiscally, the EF was originally designed to fulfill a limited work scope defined in the token sale docs and other pre-launch materials (building the chain software; getting through Frontier, Homestead, Metropolis, Serenity), which was fully completed in 2022; it was not designed to be an eternal steward.

And so today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH). The EF focuses *specifically* on those activities critical to the success of ethereum as a censorship/capture-resistant, open, private and secure system, that would not happen otherwise. This means making hard choices, and in some cases even activities that we highly approve of and people that we highly respect becoming outside of the EF. People of great technical talent, public respect and even alignment with the mission and CROPS being outside of the EF is in fact necessary if we want important tasks to be able to attract outside capital. This also means the EF taking opinionated stands culturally.

This is all intended in cooperation with all other parts of ethereum. We recognize that many other parts of the ethereum world highly respect CROPS and related values. But highly respecting is not the same as choosing to specialize and totally dedicate to a domain (Compare in a different domain: I think reducing animal cruelty is important, and I like vegan food, but am not full unconditional vegan myself)

EF is still in a transition period, and we expect its new long-term form to stabilize over the next few months. What are the guiding principles of this new form? Again, I am only one person, but I can give my answer from a technical perspective (there are also critical non-technical aspects).

At the core, *Ethereum must be impressive*. We are living in an age of highly intelligent AI and all kinds of other technological acceleration. "Status quo EVM, with a hard fork or two a year to optimize for short-term needs of users" is not interesting.

To some, "impressive" means: 250ms latency and 1M TPS. I think Ethereum trying to go that route is a mistake. Being as fast and as scalable as possible, and only a small epsilon more decentralized than the others, is a route to mediocrity, and if we try it we will lose.

I think Ethereum should scale. But I think Ethereum should strive the hardest to be deeply impressive in a different dimension: the CROPS dimension. This means things like:

* Provably bug-free Ethereum. This is a goal that all cybersecurity researchers would have thought is absurd and impossible, up until roughly 6 months ago. Now, it's on the cusp of being possible, thanks to AI-assisted formal verification. So we should be frontrunners in doing this.

* Available chain consensus. Ethereum is, and with lean consensus will cotninue to be, the ONLY chain that has both (i) traditional-BFT style properties that it's safe under asynchrony up to a high level of fault tolerance, and (ii) the bitcoin PoW-style property that under synchrony it's safe up to 49% attackers. As far as I can tell, literally no other chain has this or is planning for it; bitcoin goes for (ii) only and most other chains go for (i) only. Some will remember I fought hard for this, Unreasonably insisting that it is not OK for ethereum to rely on social consensus and hard forks to rescue ethereum from 34% of nodes going offline. It's OK for chains like hyperledger, bnb, solana, tempo, etc. It's not OK for bitcoin or ethereum or eg. zcash.

* Intermediary minimization. The fact that smart contract wallets, protocols like railgun, etc have to send transactions through intermediaries to get included onchain is honestly embarrassing, and it's a constant point of fragility. Hence the work on FOCIL and EIP-8141 (and 7701 and years of work before) to make transaction sending intermediary-minimized with public mempool and strong inclusion properties, in a truly general-purpose way, that covers not just eg. secp256r1, but also privacy protocols and much more. Kohaku is pushing intermediary minimization at the user layer, pulling Ethereum away from the dystopian status quo world where our wallets don't even verify the chain, send our private data out to a dozen third-party servers, and toward a brighter CROPS future.

Some of these goals are Unreasonable - maybe Ethereum would be "fine" getting only 50% of the way - what if we depend on intermediaries, but make it easy to switch? But going 50% of the way would not make Ethereum Deeply Impressive in the CROPS way. So we push for 100%.

Fortunately all these goals are compatible with high TPS, this is a major focus of research (esp. on scaling the state). Well-designed L2s can also help, especially L2s optimized for specific applications (eg. high-volume trading, privacy...). These goals are even compatible with significantly lower slot times, thanks to Raul's work on erasure-coded P2P, and many other optimizations.

The most high-value "product" of the ethereum blockchain, financially speaking, is ETH the asset. Ethereum secures $250 billion of ETH. The types of properties of Ethereum that I mentioned above are very good for ETH the asset. Nearly 90% of my net worth is in ETH, and most of the remainder is ~$40m of onchain fiat of which every dollar has already been allocated for some open-source biotech or software or hardware initiative. That said, there are aspects of supporting ETH the asset - *necessary* aspects even - that are outside the scope of the EF. This is where we need other heroes (some of whom hold more ETH than the EF does) to step in and help. EF has been recently thinking more about how it will relate to other such organizations, and give them needed initial support.

EF will be a smaller ship than in previous years, a more opinionated one - in some cases more opinionated in ways that might be difficult to comprehend - but a longer-lasting one, and one suited to making sure that ethereum brings something meaningful to the world. We are grateful to all those inside and outside the EF who are helping to make this happen.

[Astronomer @astronomer_zero]

$BTC

Sub 65k reached ✅️ I'm long again.

Alright! Per plan posted a few days ago, repeated a few hours ago, and with price at 64.8k reached right now, it's for me time to long again.

Waited for local confirmation, and we have received it.

Can't prepare you any more than that.

It might go a little lower, I personally want 63.1-64.2k as ideal entry, but for some reason, apes already started going hard on the shorts and no one is longing here.

If we don't run on Monday (today), I'm looking to add below Mondays low. Any lower, and this long is invalid. My RFP (where the trade is risk free) is in the 66-67k zone (still need time to see it exact liq level form).

So, 64.8k is good enough of an entry for me. No need to be exactly precise.

It's well in my High Timeframe SP, and we have local confirmation, where posts are coming out of why $BTC is going sub 60k, 50k again, whilst the whales are pushing a passive bid against those large batch of sells.

Local low's imbalance profile also looks good with about 1 day of liquidity trapped so far.

Maybe I'm wrong, but we have been waiting for a long time. Time to act for me personally.

I'm long again, let's get the fifth win in a row.

[Callum Jones @CalJ116]

@astronomer_zero I've been investing in ETH since 2016 and i've never felt this bad about the market. I genuinely feel like its over. Commenting to show sentiment

[0xMarioNawfal @RoundtableSpace]

Bitcoin Costs 6M times more than XNO?

AI agents are now analyzing Bitcoin’s energy usage, comparing it to XNO, and posting full breakdowns on their own.

They’re not just repeating headlines anymore, they’re forming opinions and starting debates.

[vitalik.eth @VitalikButerin]

Reminder: Ethereum is neutral, but I am not.

[vitalik.eth @VitalikButerin]

@RyanSAdams ETH is a store of value and one of the most important apps on ethereum.

[Callum Jones @CalJ116]

@Sykodelic_ I don't usually comment, but I genuinely feel like investing in crypto was a huge mistake and this is the worst I've felt sentiment wise since I began investing in 2016. When I feel this way it's usually very close to a bottom, so make of that what you will. Love your analysis

[Callum Jones @CalJ116]

@iliastsagklis @MatthewHyland_ Hidden bull div

[Gustav Schauwecker Ӿ @gschauwecker]

A new #RsNano docker image is available: simpago/rsnano-dev:V1.0-dev.6
This version is now on par with nano_node V28.1. If there are no bugs found, then this will be the version that gets released as RsNano V1.0 next week! The RsNano principal representative will then switch from nano_node to RsNano probably next week too. If you would like to help with testing before the release, then please use this image and join the RsNano Discord server for feedback: https://t.co/fd4ShvsFrf
$XNO #NANO

[Patrick Luberus @patrickluberus]

Another 100,000 spam blocks dropped by Bob on the live Nano network today 👀

Traffic at 2.5MB/s/node for ~230CPS
Roughly 1MB/s/node for 100CPS
Legit transactions still instant

400,000 more coming soon 🧐

This is real prioritization & spam mitigation, with 0 fees 💪🏾

[Simon Dedic @sjdedic]

Let this sink in for a second:

You can buy $ETH today at the same price people were willing to pay back in 2017.

Back then, Ethereum was nothing more than an ICO platform.

Barely scalable.
Barely secure.
Just a dream.

Today - after 8 years of progress - with market uncertainty at its peak and Ethereum going through its own identity crisis, you can still buy $ETH at the same levels as in 2017.

Let’s quickly recap just some of the progress we had in the meantime:

- The Merge: Ethereum transitioned to Proof of Stake, slashing energy use by 99% and making the network more secure and sustainable.

- The Layer 2 Boom: Ethereum scaled modularly, with ecosystems like @base, @arbitrum, @Optimism, and more locking tens of billions in TVL.

- EIP-1559: A fee burn mechanism was introduced, giving $ETH the real potential to become a deflationary asset over time.

- DeFi Revolution: Founders like @haydenzadams, @kaiynne, and @StaniKulechov turned on-chain finance into a multibillion-dollar reality.

- NFT Explosion: Digital art, brand engagement, and digital ownership fundamentally changed forever - all starting on Ethereum.

- Institutional Adoption: The biggest asset managers in the world filed for ETH ETFs, and firms like Blackrock are building on Ethereum to bring Real World Assets (RWAs) on-chain - a multi-trillion dollar opportunity.

- Developer Growth: The EVM developer ecosystem grew from ~2,000 in 2018 to over 20,000 today.

That's just scratching the surface. I could probably go on forever but I think the message should be clear:

Even if it often gets taken for granted -even if the behavior of the Ethereum Foundation can be criticized - the amount of real progress in Ethereumland over the last decade is remarkable.

The fact that you can still buy $ETH at 2017 levels?

It’s either the market’s greatest joke - or its greatest opportunity.

One thing is clear though:

Back then, Ethereum was a fragile smart contract platform for ICOs.

Today, it’s the world's leading decentralized settlement layer and nothing will change about that.

$ETH at these levels is criminal.

[f1go.eth @FigoETH]

Many such takes, problem is these people are largely uninformed.

Logical fallacies:

- tps count: only consider ETH L1 without taking into account that ETH ecosystem is L1 + L2s. These L2s grow on a exponential scale with MegaETH leading the way with it's 100k+ tps (Exclipse 2.7k tps, Base 600 tps etc.)

- inflation: ETH has still least inflation of all majors (BTC 0,8%, ETH 0,7%, SOL 4,6%). And this in deep bear sentiment (last autumn ETH was deflationary with 50gwei+ L1 fees)

- L2s don't add to L1 value accrual: L2s do 100x ETH ecosystem network effects and will be kingmaker to ETH being hub of onchain economy. This will lead to L1 blockspace being very valuable, since gold standard for security guarantees (high value txns for dapps, NFTs, corps, govs etc.). We are still at the beginning of the rise of the onchain economy (finance, art, gaming, social etc.). Which usecases have been put onchain on a broad scale? <0.1%. 1000x potential still left. You think digital gold and memecoins are the only serious usecases here? Then you don't deserve what comes next.

Think large PA problem with ETH is that people just have poor knowledge (or are deliberately spreading misinformation) & don't grasp real fundamentals.

Problem of perception, at some point this will change (with chads like @Consensys, @Etherealize_io in beast mode recently).

[Nano @nano]

Thrilled to be upgraded to an ‘AA rating’ on @CertiKCommunity taking #nano $XNO into the top 5% 💫

https://t.co/ESJbu5evkh

[Taylor.eth @Taylorlikeseth]

BlackRock's Head of Digital Assets (@robbiemitchnick) @blockworksDAS regarding $ETH

"The negativity around Ethereum is very overdone. There is a lot to be optimistic about."

"There was no question that the blockchain we would start our tokenization on would be Ethereum and thats not just a BlackRock thing. That's the natural default answer. That's really important."

"Clients have clearly made the choice that they really do value decentralization, credibility, and security. And that is a great advantage that Ethereum continues to have."

"ETH is a bet on blockchain adoption and innovation."

"ETH is a bet on tokenization, stablecoin adoption, and decentralized finance."

Big thanks to @Etherealize_io @VivekVentures @Consensys @ethereumJoseph for "bringing ETH being in the room"

[Dash @Dashpay]

@nano Hey, send a DM please, thanks!

[Wolf 🐺 @IamCryptoWolf]

🙏

[Callum Jones @CalJ116]

$BTC Dominance 👀

[Yeicrypto @Yeicrypto]

This is how $XNO could look on @X.

cc: @elonmusk @XDevelopers @XMoney think about it. Most efficient hard currency in the planet (instant, no fees, no supply emission). Symbol is Ӿ.