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Ethereum

36 pieces · May 2022 to Oct 2026 · 9 flagship

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L1/L228 Ethereum27 ZK8 Solana4 Privacy4 Bitcoin2

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Coverage per year

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22026

Price and coverage

Ethereum $ETH

Calls: 3 bullish
Since first call, bullish: +47%
Since latest call, bullish: +100%
Now: $2,407

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Ethereum

Breakdown12 Jun 2022Celestia deep dive: modular DA layer with data availability samplingMega thread explaining Celestia as a minimal chain that only orders transactions and guarantees data availability. Covers light nodes, fraud proofs, erasure coding with data availability sampling, execution separation and namespaced Merkle trees.Map12 Oct 2026Quantum and post-quantum map: PQ crypto assets by readinessMap of crypto assets by PQ readiness: opt-in PQ on mainnet (NEAR, ALGO, CKB), PQ-native chains (QRL, QTC, ABEL) and announced or draft (BTC, ETH, TRX, ZEC, SUI), with mcap, moves and ATH distance. Flags thin volume and the lattice vs hash-based debate.Breakdown22 Dec 2023Monad deep dive: parallel execution, MonadBFT, MonadDb and EVM equivalenceExplains why the EVM's sequential execution is a bottleneck and how Monad adds optimistic parallel execution, MonadBFT with deferred execution, superscalar pipelining and MonadDb while keeping bytecode equivalence, versus Solana's Sealevel approach.

Timeline · every piece, newest first

2026 2

12 Oct 2026Quantum and post-quantum map: PQ crypto assets by readinessMap of crypto assets by PQ readiness: opt-in PQ on mainnet (NEAR, ALGO, CKB), PQ-native chains (QRL, QTC, ABEL) and announced or draft (BTC, ETH, TRX, ZEC, SUI), with mcap, moves and ATH distance. Flags thin volume and the lattice vs hash-based debate.MapQuantumBitcoinEthereum

05 Jan 20262025 chain revenue ranking: Solana, Hyperliquid, Tron and EthereumHyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.DataHyperliquidL1/L2Solana

2025 5

28 Dec 2025Why 'cryptocurrencies' is the wrong label: digital assets as an asset classArgues the term implies digital fiat competitors when the sector spans commodity-like assets, reserve assets, equity-like tokens with cash flows, memecoins, stablecoins and RWAs. Institutional capital needs a clear taxonomy.ThesisMarket structureStablecoinsBitcoin

27 Dec 2025New vs returning wallets across Ethereum, Solana, NEAR, Polygon and SuiCompares 3-month new vs returning wallet trends. Real growth is new-wallet gains followed by rising returning wallets; Solana's new wallets rose while returning fell, and Sui's both declined, reading as churn.DataL1/L2EthereumSolana

29 Sep 2025zkVerify: the final unlock for the ZK economyDeep dive on zkVerify, a Substrate-based PoS chain exclusively for proof verification. Heterogeneous aggregation produces Merkle attestations so apps verify cheaply on L1, helping rollups, zkApps and new proving systems like Binius.ExplainerZKL1/L2Ethereum

08 Jun 2025Three-month net flows: Ethereum +$1.2B vs Berachain -$1.2BChart post contrasting three-month net flows: Ethereum gained $1.2B while Berachain lost $1.2B. Offered for discussion without a stated conclusion.DataEthereumL1/L2

22 May 2025Hyperliquid by the numbers: 64% perp share, $8.9B OI and buybacksHyperliquid has 64% of 30-day perp DEX volume, a record $8.9B open interest and 30-day revenue above $56M, over 3x Ethereum and Solana combined. Buybacks exceeded $45M and ecosystem TVL is $1.28B, up 89% MoM.DataHyperliquidPerps

2024 7

02 Sep 2024Wormhole 30-day flows: Ethereum 54% of volume, USDC top assetIn the past 30 days 54% of Wormhole volume originated on Ethereum, mainly bridged to Solana (49%) and Sui (44%). USDC leads bridged assets at $470M, followed by USDT ($125M) and RNDR ($116M).DataDeFiSolana

10 Aug 2024L2 TPS near ATH: Ethereum 12.7 TPS vs L2s 315 TPSTotal daily L2 TPS is close to an ATH at 315.3 (up 650% YoY) versus Ethereum at 12.7 (up 4%), a 7-day average scaling factor of 23.45.DataEthereumL1/L2

21 Jul 2024Ethereum L1 vs L2 TPS and TVL: year-to-date scaling updateSince Jan 1, Ethereum L1 TPS stayed at 13 while L2 TPS rose from 73 to over 294 (4x), lifting the scaling factor from 5.6 to over 23.7. L2 TVL doubled from $22.8B to over $45B.DataEthereumL1/L2

19 Jul 2024Cross-chain flows, 3 months: $1.75B net outflow from Ethereum to L2sArtemis data shows $1.75B net outflows from Ethereum over three months, with inflows of $1B to Optimism, $664M to Arbitrum and $300M to Base. Asks whether L2 season is coming.DataEthereumL1/L2

19 Jul 2024Ethereum rollup count: 80 live and 80 upcoming L2 and L3 projects63 L2 and 17 L3 projects are live, making 80 rollups, validiums and optimiums on Ethereum, with another 80 upcoming, implying about 160. Expects the pace to accelerate.DataEthereumL1/L2

24 May 2024Covalent and long-term data availability: the Ethereum Wayback MachineExplains the modular stack and why EIP-4844 blobs, pruned after 18 days, leave a long-term data availability gap that Covalent's Ethereum Wayback Machine fills with Block Specimens. Argues Covalent at a $0.2B FDV is undervalued relative to short-term DA peers worth billions.ThesisL1/L2AI

15 Mar 2024EIP-4844 and NEAR: DA, fast finality and chain abstraction for L2sArgues cheaper L2 execution after EIP-4844 makes NEAR's chain abstraction more economical, and positions NEAR as a complement to Ethereum via DA, fast finality and MPC-based key management.ThesisEthereumL1/L2

2023 11

22 Dec 2023Monad deep dive: parallel execution, MonadBFT, MonadDb and EVM equivalenceExplains why the EVM's sequential execution is a bottleneck and how Monad adds optimistic parallel execution, MonadBFT with deferred execution, superscalar pipelining and MonadDb while keeping bytecode equivalence, versus Solana's Sealevel approach.BreakdownL1/L2EthereumSolana

18 Sep 2023Response to Justin Bons: Ethereum scales L1 via blobs and dankshardingRebuts the claim that L2-only scaling is no scaling. Ethereum sells secure block space and shifts from B2C to B2B, rollups keep customizable execution, composability is the real concern, and L2 activity accrues fees to L1.Market takeEthereumL1/L2

16 Sep 2023Danksharding explained: data sharding for rollups with samplingDescribes Ethereum's rollup-centric data sharding: splitting the validator set into shards that each download part of the data, with DAS checking other shards, e.g. four shards of 250 validators quadruple data space.ExplainerEthereumL1/L2

15 Sep 2023Why EIP-4844 blobs cut rollup costs, and why danksharding is still the end gameExplains EIP-4844 blob transactions, which give rollups dedicated, non-permanent data space with a separate fee market, versus calldata that competes with L1 activity. Without DAS it is only a one-off capacity increase.ExplainerEthereumL1/L2

30 Aug 2023Modular stack part 1: execution layers and virtual machinesExplains monolithic versus modular design (execution, settlement, DA, consensus) and walks through the EVM and the three routes to a zkEVM: prove the EVM trace directly, map EVM opcodes to a custom VM, or transpile Solidity to a custom VM.ExplainerL1/L2ZK

09 Jul 2023Proposer-Builder Separation: how PBS changes MEV on EthereumArgues PBS confines MEV centralization to an honest minority builder role and, by letting solo validators participate, should turn MEV extraction into a race to the bottom, though MEV will not disappear.ExplainerEthereumMarket structure

08 Apr 2023Developer activity by ecosystem: contract deployments and commitsUses Artemis data on contracts deployed, unique deployers, commits and active devs. BNB Chain, Polygon and Ethereum lead EVM deployments, Base's testnet tops L2 activity, and Ethereum has the largest dev community.DataL1/L2EthereumTooling

11 Jan 2023Aztec deep dive: private ERC-20 transfers and Aztec Connect for private DeFiExplains Aztec as an app-specific ZK rollup using a UTXO note model and join-split proofs for shielded transfers, and Aztec Connect, which batches calls to L1 DeFi protocols via bridge contracts to deliver cheap privacy with L1 liquidity.BreakdownPrivacyZKEthereum

10 Jan 2023Aleo deep dive: a private and programmable zk L1, ZEC and ETH hybridMega-thread on Aleo as a natively private and programmable L1. Covers ZEXE offline execution with on-chain proofs, the zkCloud, a private DEX example, the Leo language, Aleo Studio, package manager and snarkOS.BreakdownPrivacyZKL1/L2

08 Jan 2023App-specific L3 rollups on Starknet and custom VMsArgues app-specific L3 rollups with customized dev environments and custom VM support, built on a generalized STARK-powered Starknet layer, will make Ethereum a global player. Links the StarkWare L3 vision thread.Market takeL1/L2ZKEthereum

02 Jan 20232023 investment thesis: ETH, modular rollups, app chains, zk privacy, DeFiLays 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.ThesisEthereumZKPrivacy

2022 11

31 Dec 2022Messari 2023 thesis on private L1s: Zcash, ETH hybrid and AleoQuotes the Messari 2023 thesis that Ethereum may not solve base layer end-to-end privacy for years, leaving room for a pure-play private L1 like Zcash or a ZEC-ETH hybrid, and points to Aleo as a candidate.Market takePrivacyL1/L2

30 Dec 2022EIP-4844 and full danksharding: Ethereum as modular DA layerArgues EIP-4844 already cuts L2 fees to fractions of a cent and full danksharding turns Ethereum into the DA and settlement layer for modular rollups processing millions of TPS combined.Market takeEthereumL1/L2

10 Dec 2022The modular blockchain design space: execution, settlement and DA layersMega thread defining execution, settlement and consensus/DA, then mapping modular layers: rollups and Fuel for execution, Celestia, Avail and EigenDA for DA, and Oasis for custom ParaTimes, with the thesis that modular is the future.MapL1/L2Ethereum

15 Sep 2022Rollup fees after the Merge: about 0.05 USD per tx on OptimismPuts Optimism tx costs at roughly 0.05 USD and argues that, post-Merge, rollup ecosystems can scale, with EIP-4844 reducing rollup fees by another 100x.Market takeEthereumL1/L2

06 Sep 2022Scaling Ethereum on rollups: Aurum Crypto blog postAnnounces his first blog post for Aurum Crypto on rollups, arguing modular scaling and shared security will shape Ethereum and crypto. The linked article covers scaling Ethereum on rollups.ExplainerEthereumL1/L2

21 Jun 2022EIP-4844 and danksharding: Ethereum as DA and settlement layerStates that EIP-4844 will cut rollup fees to fractions of a cent and full danksharding will make Ethereum the DA and settlement layer for rollup execution layers processing millions of TPS in aggregate.Market takeEthereumL1/L2

12 Jun 2022Celestia deep dive: modular DA layer with data availability samplingMega thread explaining Celestia as a minimal chain that only orders transactions and guarantees data availability. Covers light nodes, fraud proofs, erasure coding with data availability sampling, execution separation and namespaced Merkle trees.BreakdownL1/L2Ethereum

11 Jun 2022The data availability problem and the DA landscape for rollupsExplains why DA limits rollup throughput and maps the options by security and cost: validiums with a single provider, DAC-based validiums, Celestiums, and full rollups posting to Ethereum.MapEthereumL1/L2

11 Jun 2022StarkWare's distributed AMM (dAMM): L1 liquidity for L2 tradingExplains the dAMM design where liquidity stays on L1 while an off-chain operator processes L2 trade batches and settles the net difference, allowing several L2s to share one liquidity pool without fragmentation.ExplainerDeFiZK

01 Jun 2022EIP-4844 explained: proto-danksharding and cheaper data for rollupsExplains why rollups need cheaper data and how EIP-4844 adds blob-carrying transactions with their own EIP-1559-style fee market as a step toward full danksharding, without yet sharding the chain.ExplainerEthereumL1/L2

19 May 2022Scaling Ethereum on rollups: sequencers, fraud proofs, validity proofs and DALong explainer comparing monolithic scaling, sharding and parachains with rollups. Covers sequencers, optimistic fraud proofs, zk validity proofs and why data availability, via danksharding blobs, limits rollup throughput.ExplainerEthereumL1/L2ZK

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Optimism61 Solana60 Arbitrum65 Celestia145 NEAR Protocol73 Sui24 Hyperliquid113 Base28

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