Ethereum (ETH)

Both Ethereum and ETH can only succeed together. If you are bullish on Ethereum, you obviously should also be bullish on ETH. In fact, this is the most important concept to understand about Ethereum. It is non-technical, which makes it hard even for engineers to truly “get,” but it is critical that they do. A strong ETH is the single best protection against capture. It underpins Ethereum’s decentralization and credible neutrality. ETH is at the core of CROPS.

Ethena's at the top of Token Terminal's cost of revenue list with $355M over the last year. 4x the next protocol. Cost of revenue tracks what a protocol pays out to third parties to actually run its business. For Lido, it's what gets paid to node operators. For an L2 it's the gas fees paid to settle on Ethereum. For @ethena, it's the yield going out to sUSDe holders. Here's how it works. Ethena holds spot ETH and BTC, then shorts the same amount in perp futures. When perp traders are net long, longs pay shorts a funding rate. Ethena collects that funding. Add stETH staking yield and some T-bill returns on top. All of it gets paid out to people staking USDe. So Ethena being #1 here doesn't mean inefficiency. It means a lot of people are earning yield through them.

🚨BREAKING: The U.S. just sanctioned a Sinaloa Cartel-linked network accused of converting fentanyl cash into crypto. Treasury says the group collected drug money in the U.S., converted it into crypto, and sent it back to cartel operators in Mexico. The sanctions target 11 individuals, 2 entities, and 6 Ethereum addresses.