Ryan Berckmans
@ryanberckmans
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Ethereum community member and ETH investor
Joined April 2012
@mrjasonchoi For any person in the world, the goods & services accessible by them are determined by the extent of their trade network. A larger trade network increases capacity for specialization, resulting in new goods & services and making existing goods & services better and cheaper. The.
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1/ BREAKING: Solana to shut down its consensus layer and settle on Ethereum.👇.
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How it started: "Never sell your Bitcoin" - Saylor. How it's going: "We may be required to sell bitcoin to satisfy our financial obligations, and we may be required to make such sales at prices below our cost basis or that are otherwise unfavorable" - Saylor (per 8-K today).
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Yesterday, ethereum did $89M in transaction fees, the most ever in one day. That's an annual run rate of $32.5B in fees. EIP-1559 is estimated to burn ~70% of fees and would have burned $62M in ETH yesterday. EIP-1559 launches in a little over two months.
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Stablecoin legislation has been drafted in Congress. I read the bill. TL;DR decentralized stables become illegal in the US (DAI, LUSD, RAI, etc. become illegal🚨) while centralized stables, defi, Ethereum, and ETH win big. High-level summary⬇️.- decentralized stables become.
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Snowden: Solana is centralized. Fact check: Mostly True ✅. Sol prefers 10GBit/s upload. <1% has this. It's a data center chain. Sol has 1 full client, no spec. It's more of an app than a protocol. Validators pay lots to vote. In ~2.5yr, ~$1.2M stake to break even. Centralized!
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There'll be one global backbone - Ethereum. Ethereum is the backbone of the new global financial system of L2s and L1 apps. No other chain will come close. Mert suggested that Sol can pivot to being the backbone. But Solana will never be the backbone. Here's 5 reasons why. Four
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Amazon took 24 years to reach $10B in annual net .income. Google took 13 years. Ethereum is on track for 7.5 years.
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"ETH is the native asset on Arbitrum, and fees will be paid in ETH on L2.". Sounds like money to me. And a productive asset. Congrats, Arbitrum! Thanks for using ETH, we love you for it.
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Last night in discord, this guy is panicking trying to top up his Solana-based margin account. I see him post several times over about an hour. He's begging and slamming txns through on his wallet. Solana wouldn't process them at any fee. He got liquidated. Truly sad and not ok.
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Alibaba ($290B public company) subsidiary announces Eth L2.- evm compatible proprietary codebase (they built their own L2 tech stack).- dual L1 proofs using zk and TEE.- public L2 anyone can use.- launch Q3 2025. ETH corporate L2 thesis is playing out.
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1/ Announcing our report,."Ethereum: A Store of Value with Cash Flow".A PDF report aimed at bankers and fund managers. Read the report now. ⬇️.
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imo, the era of ETH has truly begun. We're seeing a huge positive shift in ETH investment climate. This time is different🧵.
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1/ EIP-1559 is huge for ethereum and coming soon. EIP-1559.- likely launches in July.- delivers important benefits to all ethereum users.- would have burned ~$26M in ETH yesterday. Here are some EIP-1559 resources 👇.
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1/ imo, if we rely on the UST peg at scale, it might end up threatening the solvency of all of ethereum DeFi. UST is an algorithmic stablecoin with a significant risk of a death spiral. To ward off that death spiral, UST bought BTC with retail profits. But it's not enough. 👇.
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Amazon took 12 years to reach $10B in annual revenue. Google took 8 years. Ethereum took 6.5 years.
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a thread on how to get rich in crypto. 1. only buy what you can afford to not sell for five years.2. don't use leverage.3. buy 90% ETH.4. other 10% can be dog coins, who cares. end of thread.
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People are missing the important points in this Solana emergency fork situation. 1) Eth has client diversity and a protocol spec steered by a meaningful research community. The most popular eth client, geth, has at most 41% market share. Sol has one prod client (just one; don't.
am i hearing this right?. there was a zero day on solana mainnet and >70% of the validators privately colluded to upgrade and patch the critical bug before it was even made public.
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1/ ETH the cash machine. Ethereum's fees are worth ETH at $2850. The price of ETH is below the value of the cash it produces because ethereum's fees go entirely to miners, who are on track to be paid 8% of all ETH this year. EIP-1559 and proof of stake fix this. Here's how👇.
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1/ Ethereum's fees are a sleeping giant. Ethereum's fees.- are currently worth ETH at $2500.- grew 150x over the past fifteen months.- begin accruing to ETH holders when EIP-1559 launches later this year. imo, fees will soon greatly help us get to ETH at $20k. Here's how 👇.
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If ETH drops to $1250, there'll be more stablecoins + RWAs on Ethereum than the market cap of ETH.
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It's time for more Ethereum community leaders to directly bullpost ETH the asset, like Sandeep did here. Any project winning on Ethereum is, de facto, run by an eth community leader. For example, Tether and Circle mint more USDT and USDC on the eth L1 than on any other chain.
Contrarian take : Ethereum pump is around the corner and its going to absolutely melt faces.
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🚨PSA: Ethereum needs Coinbase to urgently prioritize deposits/withdrawals for zkSync and StarkNet🚨@brian_armstrong. It's because zk-rollups with off-chain data are how Ethereum reaches millions of users in 2022. But, rn the L2s are ahead of the onramps. Help us, Coinbase!❤️
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"Today, dYdX is doing 2x to 5x of all of ethereum's capacity, and settled on eth using less than 1% of all gas. This is based on existing demand and we can do a lot more.".- StarkWare's Uri and Eli, just now live on Bankless. I gotta say it. ETH bears, have fun staying poor!.
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I can't imagine Vitalik talking to somebody like this.
@JackNiewold @pinpals1 @scipio_nl @gametheorizing @0xHamz Curious why you focus on the shit you got rather than the shit you put out. Time to make an alt, you idiot.
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1/ Bitcoin's cost problem. Yesterday, it cost BTC holders an annualized run rate of $17B to run the bitcoin blockchain. Ethereum costs a lot, too, but the cost goes away by switching to proof of stake this year. imo, bitcoin's cost problem is big for BTC holders. Here's why👇.
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Ethereum is scaling now. It's a great time to help megacorps and governments start building on Ethereum's web of L2s. However, competitors say that Ethereum won't scale well enough. I wanted to unpack why I think they're mistaken and share thoughts on the big year ahead. 👇.
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1/ StarkNet vs. Solana. As crypto grows, there's a need for scaling solutions that can grow to global ubiquity. On ethereum, only some zk-rollups, like StarkNet, meet this criterion, but happily, they do it very well. Here are three benefits of StarkNet vs. Solana.👇.
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Japan's largest bank is launching a stablecoin on public Ethereum, Polygon, Avalanche, and Cosmos.
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Staking ETH, the validator activation queue, and Lido.👇.
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1/ Beware bad ETH staking providers. After the merge, ETH stakers are entitled to block rewards, tips, and mev. However, it seems that some providers may be planning to keep 100% of tips and mev for themselves. Which, if true, is some tradfi bullshit. What's a good provider?👇.
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@Ledger @P3b7_ By including a backdoor in canonical firmware upgrades for existing ledgers, you guys have betrayed your customers and mandate and displayed extreme negligence. You should have created a whole new device with different firmware or smart contract wallet.
🚨Ledger firmware v2.2.1 installs Ledger Recover, a negligent service that extracts your hardware wallet private keys and sends them over the internet. @Ledger @Ledger_Support @BTChip your only job is to avoid private key leak and you've turned this leak into a product. Insane.
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For ETH, real world growth is the answer. How do we get ETH to $20k?. Fee value accrual obviously isn't necessary to drive the required public confidence for a high token price, otherwise BTC would be worthless because 99.999% of BTC activity is centralized and doesn't accrue.
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Many people know that Solana is actually quite centralized, both operationally and in terms of L1 design. And almost everybody knows that Solana rapidly copies Ethereum's successful products and inventions, as is everyone's right. But almost nobody realizes that Solana's.
impressed by the amount of things being tried by teams on Solana that aren’t being tried anywhere else.
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Great to see that Max has left Eth's extended core dev community. Ethereum is for everybody, and Eth has many earnest critics, but Max wasn't one of them. Max has joined Solana. He writes:.> In my first 100 days, I plan on writing a spec for as much of the Solana protocol as I.
Last week was my last week at Consensys. Today is my first day at @anza_xyz. I’m taking my talents to Solana. In my first 100 days, I plan on writing a spec for as much of the Solana protocol as I can get to, prioritizing fee markets and consensus implementations where I.
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BTC being #1 is a massive drain on all of crypto. Today, it costs $9B/yr in new BTC buys to run Bitcoin's proof of work. And yet, Bitcoin produces ~zero usefulness vs Eth's app layer. So much money wasted. BTC dominance is unsustainable. The flippening will free the industry.
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Dear @Ledger @Ledger_Support @BTChip . Ledger Recover was a huge project. For many people, it might be a good solution. However, the community invested in ledgers based on the firmware having no backdoor of any kind. I have a starter proposal for us to put away the pitchforks🧵.
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The bull market literally can't end without a major rotation into ETH and alts. If it hasn't happened yet, it means it's early. The higher that BTC runs before the big rotation, the higher the ultimate cycle highs. All going according to plan.
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Tomorrow morning, we're launching our report,."The Investment Case for Ethereum".A PDF report aimed at bankers and fund managers. The report is a high-level look at ETH as a better store of value, with $10B+ per year in net income while being environmentally friendly.
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1/ L2s and ETH economics. I wanted to provide an update on how L2 hypergrowth is driving value to ETH, and why we're on track for ETH at $20k+ within a few years 😍.🧵👇.
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1/ EIP-1559 is huge for ethereum and coming soon. EIP-1559.- likely launches in July.- is now estimated to reduce miner revenue by 20% to 35% at most, not 50%.- would have burned ~$16M in ETH yesterday. Here are some updated EIP-1559 resources 👇.
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Yesterday, EIP-1559 would have burned ~$16M in ETH. That's an annual run rate of $5.75b in ETH burned or 3% of total supply.
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@0xdavidhan @KyleSamani I respect you a great deal, so when I read your praise of Kyle's talk, I immediately watched the video. I tried to keep my feedback short but Kyle is an absolute fountain of misinformation and marketing spin, and I just kept writing, so here we go:. Kyle's sensationalist.
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imo, the Ethereum community should be alarmed about Solana being quite competitive for payments. Everyone knows that Solana has payments far "under one second and one cent.". But fewer know about "Solana Pay", an open, decentralized high-level payments framework plus integrated.
Coinbase plans to integrate with @solana 👀. The company wants transactions on its platform “under one second and one cent.”. To do that, @coinbase will integrate Lightning on Bitcoin and “other layer-1s that are very fast, like Solana,” CEO @brian_armstrong told Decrypt.
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Ethereum's competitors know that their best time to attack ethereum is now. Ethereum is.- scaling with L2s in Q1/Q2.- likely to launch EIP-1559 in July.- switching to proof of stake next year. And then ethereum will be generally accepted as the global settlement layer.
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ETH will flip BTC. Last week, ethereum fees had an annual run rate of $5b. In 2023, it'll be $50b+. Last week, ethereum paid miners an annual run rate of $11b. In 2023, it'll be ~$0 due to PoS. Huge increase in buy pressure and reduction in sell pressure.
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Ethereum stablecoin market cap is up 1,000,000x since the first time ETH hit $1400.
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Holy shit. I didn't know that Google could revoke access to Google authenticator. Who is building a self-sovereign Google authenticator competitor? I'm in.
He lost access to Google Authenticator and couldn't sign into any of his other online accounts to tell them that he had a new, non-Gmail email address. 6/.
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1/ Some thoughts on ethereum's L2s. Are L2 tokens positive-sum with ETH? Yes. Will L2s drive significant fees & value to ETH? Yes. Is there an urgent need for L2s to launch tokens and pursue other L1-style growth initiatives? Yes. It's going to be a big year for L2s vs. alt L1s👇.
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ETH will win against alt L1s and BTC. With Gensler and Warren out and a pro-crypto administration in, the onchain gold rush is upon us. As this gold rush progresses, it'll become clearer that ETH is winning against both alt L1s and BTC. Alt L1s will lose to eth because the.
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French bank Societe General launches a euro stablecoin on Ethereum (ticker: EURCV). I believe this is the first stablecoin launched by a bank on public Eth, but it certainly won't be the last. Announcement:. Contract:.
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Many of you don't seem to realize that my objection isn't to Solana or competing perspectives. My objection is to liars and demagogues. Anatoly and Kyle have done an excellent job growing Solana. I like the job they've done so much that I made a lot of money on SOL, starting at.
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CEO of EVE Online at Devcon: "Ethereum devs have hacked together functionality in a few hours that traditionally took us years, only possible because of permissionless composability". No use cases 😂.
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imo, the most uncomfortable truth in crypto is that BTC is a troubled asset. BTC buyers can only hope to make money from future buyers and never from utility or store of value because Bitcoin has no apps, no significant fee revenue, and PoW is too expensive. The merge fixes this.
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imo an important fundamental trend rn is that both Bitcoin and Solana are trying to become more like Ethereum. Some Bitcoiners are attempting to solve its security budget crisis by coordinating a fork to adopt real L2s and a real app layer. Like Eth has already. Solana just.
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People are finally starting to realize that Solana's huge FUD against Ethereum is just that - FUD. imo, it's almost time to stop talking about Solana and once again focus entirely on Eth. L1+L2s are growing to global ubiquity. Future is extremely bright!.
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Age of Ethereum . ETH's fundamentals look excellent. Yet, many investors feel that ETH has too many headwinds:. Why buy ETH when Bitcoin's L2 app ecosystem is taking off?. Why buy ETH when the SEC is about to classify ETH as a security?. Why buy ETH when Solana is much more.
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Visa is live on ethereum mainnet. What's next for them?. Today, Visa said, "our work with stablecoins [on ethereum mainnet] is potentially far reaching — enabling our ability to one day support new Central Bank Digital Currencies.". Ie. Visa expects central banks to pick ethereum.
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1/ Today, Lido's stETH has a 25% share of all staked ETH and 87% of staking derivatives. But also today, staking derivatives are 29% of staked ETH and may grow to 80%+ within two years. Lido is on track to control, say, 50%+ of all staked ETH. imo, it's a real problem.👇.
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The best CNBC-style TV spokesperson in Ethereum is @pythianism. Vance runs 9-figure ETH bags, has loved Ethereum for years, and crushed his recent Bloomberg interview. Let's get Vance on TV more instead of pomp.
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The degree to which the Ethereum community incorrectly assumed that Bankless was dedicated to Ethereum can't be understated. Everybody thought they were the ETH media arm. We lionized them, shared their content endlessly, helped connect them to great guests and content, etc.
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Bitcoin's DeFi only runs on sidechains and can't be secured by Bitcoin's hash power. The way Bitcoin DeFi works is like if all of Ethereum's DeFi ran only on Polygon, with no possibility for L1 apps or rollups. Eg. Bitcoin's Stacks is a sidechain. Here's a visual explanation:
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imo we've been somewhat unkind to Polygon lately. I wanted to address this, as well try to lay to rest the question of whether or not a chain is an L2. Polygon's plan to upgrade their PoS chain into an Ethereum L2 validium is wonderful for our entire community. It helps grow the.
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Let's build a web3 directory and search engine. Web3 is too large to keep track of yourself and too small/misaligned for Google to care. It's time for our own indexing. I have amassed a private DB of over 1k web3 apps, links, info sites, etc. I'd love to help get this started.
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Ethereum's golden age. Are we ~2 months away from the start of a long golden age for Ethereum and ETH?. imo new changes to three big factors suggest yes, an ETH golden age is about to begin. Recent price increases have been great. But regrettably, ETH has still been.
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ETH is now a Buffet-style "value stock". ETH financials:. 2020 revenue: $600M.2021 revenue: $10b (forecast; run rate is $8b).profit margin: ~99%+ (with proof of stake).current P/E ratio: 22x (using last week's fees and an ETH price of $1566). imo, expect 2023 revenue to be $50b+.
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Government flipping to pro-Eth. Public flipping to pro-L2. These effects will multiply. The ticker is ETH.
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BlackRock is happy to pay high fees on the Ethereum L1 for their 100M USDC to enjoy best-in-class reliability and rub shoulders with other whales. while everyone else can use many L2 rollups and validiums for pennies or less. Ethereum is scaling the way the world actually works.
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"Bitcoin is the greatest distraction from the greatest disruption in financial services, which is blockchain". - CEO of Franklin Templeton, $1.5 trillion assets under management.
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ETH will flip BTC. This month, Fundstrat issued a $10.5k price target for ETH based on ethereum's fee growth. Fees were $10M yesterday and on track for $4b in 2021. BTC can't have a price target based on fee growth because bitcoin's fees will always go to miners, not holders.
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Ethereum's miners never had a viable attack vector to block EIP-1559 . Miners bluffed and, in doing so, caused the ethereum community to align around switching to proof of stake asap. Switching sooner is worth $1b+ per month to ETH holders. Thanks, miners.
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Visa: Our Tokenized Asset Platform is launching on Ethereum. Eth is the headline - first sentence says "public Ethereum". Visa isn't launching an L2, yet. This is an L1 app to coordinate tokens across all of Ethereum. L2 model working!.
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In a few years, when the Ethereum Onchain Economy is 100x larger, and L1 gas and blob fees are earning Billions from many Corps, Governments, and L2s using Ethereum, people are going to look back and wonder how they ever thought BTC was so extremely important.
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Arguing that paying USDC for gas is bearish for ETH is some of the most concernooor BS we've seen this cycle, and that's saying a lot. How many people hold BTC to pay for gas? Zero of course. Bitcoin has nothing to spend gas on and trades 99.9999% on custodial exchanges. And how.
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You can buy the S&P 500 on Uniswap right now!🤯. The token bCSPX on Uniswap is a share of a Blackrock ETF that's an index of the S&P 500. The future is arriving. Everything in the world will trade on Ethereum.🚀. bCSPX address: .0x1e2C4fb7eDE391d116E6B41cD0608260e8801D59
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Somebody forgot to tell Solana about the ~$1.6B in investment income revenue earned in Q1 2025 by the $142B in stablecoins on Ethereum. None of that was extractive MEV btw. ETH is slept on.
🚨BREAKING: @Solana generated more revenue in Q1 2025 than all other L1 & L2 chains combined. - Revenue: $819 million
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On April 19th, we forecast Ethereum's 2021 revenue at $8B. From May 1st to 24th, Ethereum's annualized revenue was $14.6B, exceeding our forecast by 83%. After the merge, this becomes profit for ETH holders.
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In 2032, it'll cost 0.0017% of BTC's market cap to 51% attack it for a full day. ~~. Last week, @woonomic asked if it had been proven that Bitcoin's security budget is unsustainable. I ran some numbers. Looks like Bitcoin will end up having to abandon the 21M supply cap🧵.
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WisdomTree, an American public company with $110 billion under management, announces a real-world asset tokenization platform on Ethereum 🚀.
Today we announced the launch of WisdomTree Connect™, a new platform unlocking tokenized real world assets (RWA) access for firms seeking integration between traditional and decentralized finance. Learn more:
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USDT on Eth flips USDT on Tron 🎉. It was inevitable. Centralized chains like Tron are too risky to attract the kinds of apps, partners, and integrations that drive big demand for onchain capital. Eth is eating the economic world.
BREAKING: USDT on Ethereum overtook USDT on TRON. The USDT supply on @ethereum grew by ~$20 billion in the last month.
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2/ "Using Ethereum as a global settlement layer is a huge win for Solana," said Anatoly Yakovenko, Co-Founder and CEO at Solana Labs. "Ethereum PoS gives us significantly stronger security and removes the need to dilute SOL holders by 6% per year to run our own consensus.".
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Alt L1s are cooked on speed/cost. So what's left for them?. Some alt L1s, like hl or Story, claim they have to be alt L1s for their tech customizations. This used to be true, but is becoming false. Ethereum L2 SDKs are gradually winning this. All that's left for alt L1s are.
Introducing the MegaETH public testnet. 20,000 tps / 1.7 gigagas/s of pure, single-threaded performance alongside 10 ms blocktimes. You will remember what real-time feels like.
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Ethereum is on track to become the backbone of this century's global economy, in a hub and spokes model with L2s. If that happens, ETH easily sustains $50k+. This would be true even if ETH inflation was 2%/year forever. The burn is not the story.
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The year is 2030. 72% of Ethereum L1 execution gas (100M gas limit) is used by L2s for settlement (zk proof verification, state root update, etc), bridging (native bridging, 3rd party bridging of NFTs/erc20s, L2-to-L1 defi pooling, and more), and decentralized sequencer.
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Massive stat: Tradfi needs to buy another $14B in ETH ETFs (3% of all ETH) to own the same percentage of ETH supply as they already own of BTC supply. The problem for tradfi is they can't simply buy $14B in ETH without also causing a big increase in the ETHBTC ratio. How did.
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Yesterday, blobs burned an annual run rate of $67 million in ETH, or 3.1 basis points of ETH supply. afaict, this can grow ~30x to blobs buyers paying total of 1% of ETH supply per year with 48 blob target in fusaka and keeping median full rollup user fee less than 1 cent. Few.
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When eth switches to PoS, we'll instantly go from an ~$8B/yr loss to a ~$10B/yr profit. If you think that the cost of PoW has a negligible impact on the price of ETH, you also think that +$18B/yr in profit will have a negligible impact, as the profit comes from stopping PoW.
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Some people like to pretend that Bitcoin's five-year journey from $17k to $17k accomplished nothing. But that's not fair, as Bitcoin did accomplish paying miners a total of $42B for the round trip 😂.
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I had an interesting interaction with a Bitcoiner today that helped me better understand their earnest perspective on Ethereum. This, in turn, clarified the source of their error and why the world will ultimately end up buying our ETH bags. For a Bitcoin true believer, it’s easy.
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Yesterday, Solana announced "ZK Compression- changes everything you thought you knew about scaling L1s without requiring L2s". But they lied. Their new product is actually an L2. L2s are a winning model. My two favorite community memes calling out Solana for this unethical BS:
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Lido's unwavering commitment to being a monopoly is harmful to our credible neutrality. The damage to eth may be extensive and long lasting. Already our opponents are citing Lido as another reason that eth's PoS is unreliable. An open fork of Lido may be the way to go.
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Solana's Actions launch seems really powerful. Ethereum's strength is our intellectual honesty and network effects, so imo we should not shy away from learning from others' great consumer crypto launches. What is Solana Actions? A combination of things:.- Actions is similar to.
Today, we connect Solana to the entire internet. Vote, Donate, Mint, Swap, Pay — use Solana, everywhere.
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1/ Here's a list of things I think may be often misunderstood or discounted about the idea that SOL may pass ETH. It won't. - ETH/USD is currently weighed down by ethereum's cost of PoW, which has the effect of overstating relative confidence in SOL (and other tokens).👇.
Great quote from a deep crypto big brain tonight "If SOL eats ETH then every single token is worth remarkably less." It really is "turtles all the way down," and there is no reason that each primitive can't be 100% altruistic, with zero rake.
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lol, Balaji filtered out Ethereum to make Bitcoin seem #1 for daily fees. He also knows that BTC fees are an expense for holders (negative cash flow) because fees go to miners who must dump them to pay for mining. But the old honest Balaji is long gone. ETH's era will come.
Vanguard is wrong. Bitcoin does have something analogous to cash flows, namely fees. And people are currently paying $2.7M/day in fees to use Bitcoin, which is ~$1B annualized.
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