2023 investment thesis: ETH, modular rollups, app chains, zk privacy, DeFi
Lays out five pillars of the 2023 thesis: ETH as core infrastructure, modular architecture with generalized zk rollups, app-specific chains and rollapps, privacy tech especially zk proofs, and a DeFi comeback. Quotes ETH as L1 + L2 + L3.
$ETH will become a settlement layer for generalized zk-rollups using scalable DA layers (danksharding, @eigencloud, @CelestiaOrg) & powerful VM implementations, having app-specific L3 zk #RollApps running on top of them that enable unimaginable scalability $ETH = L1 + L2 + L3 🤯
How the call played out · since 02 Jan 2023
Prices as of 23 Oct 2026This piece takes a view on $ETH, so that move is read against the call.
ETH stays core infrastructure as the settlement layer for generalized zk rollups and app-specific rollapps built on scalable DA.
- At publication
- $1,201
- Now
- $2,398
- vs BTC
- −59%
- After 1 month
- +32%
- After 3 months
- +50%
- After 1 year
- +96%
- High since
- +302% 23 Aug 2025
- Low since
- 0.0% 02 Jan 2023
Zero has written 20 more pieces on Ethereum and $ETH since this one.
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Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.