Luke Nolan

@CoinSharesCo

[CoinShares @CoinSharesCo]

Ethereum is getting harder to value.

After Dencun, fees collapsed, but network usage kept growing. Our latest research by Luke Nolan (@eazygambit) introduces a 5-year sum-of-parts framework for ETH, combining cash flows, monetary premium, and network effects.

Base case: ~$4,935 by 2031. @ethereum

More here: https://t.co/etA5emEOAN

[CoinShares US @CoinSharesUS]

Ethereum is getting harder to value.

After Dencun, fees collapsed, but network usage kept growing. Our latest research by Luke Nolan (@eazygambit) introduces a 5-year sum-of-parts framework for ETH, combining cash flows, monetary premium, and network effects.

Base case: ~$4,935 by 2031. @ethereum

More here: https://t.co/AnGBZP6W5r

[Luke Nolan @eazygambit]

@ShanuMathew93

[Luke Nolan @eazygambit]

@LoganJastremski https://t.co/sqDh4v7mgk

[Luke Nolan @eazygambit]

@binji_x Long overdue

[Luke Nolan @eazygambit]

@CaffeSatoshi ETF flows are lagged and a single factor only, this seems just like an overfit model

I would be interested to see the live results though

[Luke Nolan @eazygambit]

@TheDeFinvestor Bitmine still has 1m+ ETH to stake, the entry queue is still massive, and that's not even counting when the existing US ETFs incorporate staking (ex-grayscale). I would imagine this ratio closer to 40% by mid year.

[Luke Nolan @eazygambit]

@KyleSamani @jon_charb This is too good

[Kyle Samani @KyleSamani]

slowly, then quickly

Drift has been building towards this future for years. With an incredible foundation in the form of @solana and their collateral engine, they are in a place to offer a truly unmatched trading experience

[Luke Nolan @eazygambit]

@KyleSamani @jon_charb “Openly facilitates crime and terror”, does this only apply to perp DEXs you haven’t seed funded?

One of the only models accruing value to token holders past speculation and you have the gall 🤣

[Luke Nolan @eazygambit]

@WazzCrypto Claude code

[Luke Nolan @eazygambit]

If we assume Grayscale has already staked what they
will stake - the ETH entry queue looks set to increase quite rapidly should the U.S. ETFs be permitted to stake their underlying ETH.

[Luke Nolan @eazygambit]

@IsraelSalmen Parabéns Israel e equipe!

[Luke Nolan @eazygambit]

@udiWertheimer Lines up exactly to when the queue started jumping.

[Luke Nolan @eazygambit]

Its the unwind of loop trade caused by HTX removing 160k ETH from AAVE a few weeks ago that caused borrow rates to skyrocket (low 2s to >10%) and people to unwind as it became unprofitable

Forcing unstaking from liquid staking providers

Then also depeg on stETH caused arbers to buy and redeem for unstaked ETH at 1:1

[Luke Nolan @eazygambit]

@binji_x So deserved, congrats Bin!!!

[Luke Nolan @eazygambit]

@bigmagicdao Do you have a link?

[Luke Nolan @eazygambit]

@HyperliquidX Bullieve

[Péter Szilágyi @peter_szilagyi]

Congrats #Ethereum 😊

[Luke Nolan @eazygambit]

@econoar Was looking through the filing. No mention of Ethereum specifically. Mentions to blockchain are more revolved around things like:

"Transactions on the blockchain are verified and authenticated by computers on the network"

Which in theory could be even a private chain