Solana hit 400M daily transactions last week — 90% of which are non-vote. Fee revenue is up 8x from the same period last year. The validator economics are improving. This is a real network with real usage, not speculation on speculation. Still, concentration risk in Firedancer...

ETH staking yield is now 3.8% APR vs a 5.3% risk-free rate in Treasuries. The risk premium has inverted for the first time since the merge. This matters for institutional ETH holders running yield comparisons. Either ETH needs to appreciate to compensate or staking yield needs...

EigenLayer restaking has absorbed 3.5M ETH in 8 months. At current AVS yield rates this represents $180M annualized in incremental protocol revenue. The market is pricing ETH primarily as a L1 gas asset. The restaking optionality on top is a free call option at current prices.

Exchange balances at 5-year lows. Long-term holder supply at all-time highs (73.2% of circulating). SOPR (Spent Output Profit Ratio) reset to 1.0 last week — historically a re-entry signal. The halving demand/supply shock typically takes 6-9 months to fully transmit to price. ...