MAJOR KEY

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[Lucas @LDuennes]

I'm a die-hard pudgy supporter, bought all the high-end collectibles, stacking multiple boxes of TCGs, onboarded all my friends to the brand, NFTs and token - I even wrote the most comprehensive research report on pudgy with +100 pages based on the "cute IP" and "IP tokenization" thesis (even before $PENGU).

I continue to be a secular bull on it, due to its enormous brand power and future Pokémon-level status. But although I saw potential in the token in the beginning and publicly cheered it on (called the +1000% move in summer of 2025), the inherent value of it remains unquestioned.

I think it was the right call to launch it, but if you want to give it inherent value and make it the best vehicle to allocate towards pudgy (which also helps marketing it to ETF buyers), you have to convert it into tokenized equity.

I am my penguin and my penguin is me.

[Lucas @LDuennes]

pengu needs to become pudgy's tokenized equity

there is no other way for it to ever break ATHs, besides that – I'm very certain that pudgy will reach 9-figure annual revenue by EOY 2027, but the token will suffer

[Lucas @LDuennes]

Ethereum's implied fair value is currently in contraction regime, with both its level being below average and momentum slowing down.

However, this is a daily view and can change quickly, as you see with the path of the past 90 days. We just need to see total flows being picked up.

This data is observable in the upcoming 'Ethereum Valuation Terminal' by @majorkeycap, coming soon!

[Kpaxs @Kpaxs]

There is a specific kind of intelligence that is almost never celebrated but is consistently effective: the intelligence that recognizes when the game being played is not the game worth playing.

[Lucas @LDuennes]

Here's another chart, highlighting how underutilized Ethereum's blobs are at the moment: blobs were close to price discovery in mid-Nov'25 but since then have trended lower again, resulting in minuscule blob fees.

What you see here is the ability to chart $ETH-related metrics on @tradingview's charting engine, but with much sleeker UI/UX, directly in the "Ethereum Valuation Terminal" by @majorkeycap.

You can even split metrics into multiple panes, and add indicators to everything - this unlocks an entirely new level of depth and research, coming very soon!

[Lucas @LDuennes]

My conviction is slowly building that $ETH will not go significantly below about $1,329 as this cycle's bear market bottom.

But that's not a high conviction bet yet - I am just trying to model this out with the upcoming Ethereum Valuation Terminal by @majorkeycap seen here.

[Lucas @LDuennes]

Here's the core reason, why Ethereum abandoning the rollup-centric roadmap and focusing on the L1 is the right decision: DA base fees are minuscule in contribution to $ETH's overall flows and demand.

The only viable way to increase ETH demand is to bring on-chain activity and users back home to the L1.

[Lucas @LDuennes]

Seems like apart from whales swapping (and losing) some quick $50M on Aave, there's not much going on right now...

Today's on-chain activity is projected to be -25.6% less then yesterday. This includes smart-contract interaction and simple transfers on $ETH.

Yes, it's Friday, but last week's Friday had 80% more on-chain activity than today's projected number (and we've concluded today's data by 70% for now).

Seems like the on-chain recession is real. We're down -59% from this year's activity high of early February.

[Lucas @LDuennes]

Ethereum's on-chain activity for this month is almost unchanged compared to last week, but it's notable that smart contract interactions are down -4.5% while simple transfers are up 8.2% week-on-week.

This is another glimpse into the Ethereum Valuation Terminal, where you have access to $ETH's on-chain economy and lots of granular data in real-time...

It will be released by @majorkeycap soon!👀

[Lucas @LDuennes]

yup, and in fact it's not only been since the past few months: $CRCL's USDC has flipped Tether/USDT in transfer volume already since Dec'24 and even reached 75% stablecoin transfer dominance 3 months ago.

pretty impressive, despite having -35% less stablecoins outstanding than Tether - much higher velocity here

[Lucas @LDuennes]

there is always a lot of talk about stablecoins, but if you dive deeper into the analytics, you'll discover that MEV bots now account for +60% of gas consumed on Ethereum if you leave out untracked sources.

this granularity of data is only available on the upcoming Ethereum Valuation Terminal, made by @majorkeycap

will be releasing more details soon

[MAJOR KEY @majorkeycap]

9/ Full breakdown of why centralized exchanges are winning the L2 race and what it means for Ethereum's digital commodity thesis: https://t.co/A5evrUWSiC

[MAJOR KEY @majorkeycap]

1/ Here's the thing: While Vitalik signals the end of rollup-centric thinking, Robinhood's L2 testnet just processed 4 million transactions. The real story? Distribution beats decentralization every single time.

[MAJOR KEY @majorkeycap]

8/ The future is distribution-first platforms building on Ethereum's rails, not a thousand competing blockchains. Professional infrastructure with clear business models beats permissionless innovation every time.