Just sat through the most bullish Ethereum panel of the year - The Rise of Digital Asset Treasuries

Hosted by @PanteraCapital with CEOs of the three largest ETH treasuries:

→ Tom Lee, CIO and Portfolio Manager / Chairman @fundstrat / Bitmine
→ Joseph Lubin, CEO @Consensys
→ Sam Tabar, CEO @BitDigital_BTBT

Here are the 7 key takeaways that changed how I think about ETH ↓ 1/ The legal fog has lifted

For years, Ethereum’s growth was held back because regulators wouldn’t clearly classify it. Developers hesitated, companies stayed quiet, and big money didn’t move in.

Now ETH is officially treated as a commodity. That uncertainty is gone. The door is wide open for builders and institutions.

Monad has:

• $250M in funding
• Claims of 10,000 TPS
• Ultra farmed testnet
• The lowest L1 sentiment on Ethos

What's wrong with @monad?

[Research series] ↓ I found this on @ethos_network.

If you haven’t seen it, on Ethos, users lock ETH to back their judgments. If the community disagrees, they lose it.

Here’s how Monad’s looking right now:

📉 79% bearish
📈 Only 21% bullish

This thread explains the "Why".

10 key insights from the latest @Delphi_Digital report on the Fat App Thesis + visual report summary ↓

Tap & hold to download in max resolution.

Bullish for: @HyperliquidX, @unichain, @pumpdotfun, @eigen_da, @celestia, @flashbots_x, and @angstromxyz. @anildelphi @Delphi_Ventures @delphi_labs #1 The Fat Protocol Thesis, Broken?

For years, L1s like Ethereum captured huge valuations, ETH traded at 300× revenue. DeFi apps like Maker were at just 6×.

Now, apps are capturing more user activity & MEV, shifting value from protocols to apps. Fat Protocols are no longer fat.

10 early-stage protocols from @getmoni_io that 100% deserve your attention.

April 2025 edition.
1 tweet = 1 project.

[Research series] ↓ 1. @Burve_fi

• Category/Subcategory: DeFi/Yield Aggregator on @berachain

• One-liner: Maximizing yield on @berachain with multi-token swaps, LP leverage, and de-peg insurance.

• Airdrop potential: Medium-High (Very early project, low follower count, no token yet, classic airdrop setup)

• Token: Not live

• Notes: Positioning around LP optimization + risk management tools (insurance, leverage). Likely farming phase ahead.

Why are we bleeding?

The 24-hour market snapshot coloured in RED ↓

• Market Cap: $2.91T (-6.39%, lowest since $2.71T on Nov 11, 2024)
• ~$400B in market cap vanished
• $1.51B liquidated
• $BTC at $87,678 (-6.72%)
• Bitcoin Fear & Greed Index: 25
• ETH (-9.76%), SOL(-12.23%), XRP(-10.86%), DOGE(-10.28%)

Wtf is happening?
Key factors ↓ The crypto market is collapsing like a house of cards & no one’s sure why. Let’s connect the dots between experts, panic, and hidden catalysts.

1. Bybit Hack:
Many linked the market downturn to the Bybit hack on February 21, 2025, during which $1.46 billion in crypto assets were stolen—the largest crypto heist of all time.

Result: This might create a risk-off sentiment that prompted many traders and investors to panic sell.

Why it might not be: Bybit remains solvent, with reserves exceeding liabilities and bridge loans filling liquidity gaps.

Recently, @Spectral_Labs launched Spectral Syntax V2 beta, which allows anyone to create autonomous, community-owned AI agents.

I decided to give it a try and launched my own AI Agent, relying on research data.

Now, I have the answer to whether AI Agents are a big thing ↓ First, a disclaimer: please don't rush to purchase access to my AI Agent. It was created solely to test the functionality of Spectral Syntax V2.

I'm here to share my experience, not to shill my AI Agent (it's not very smart).

So now, with the disclaimer in place, let's move to the interesting part.

Are memecoins truly a springboard for gains this bull run?

• What memecoin trackers don't reveal
• Key factors driving cult coins
• The current stage of the memecoin cycle
• The onboarding risk of the meme thesis

In-depth research ↓ Many call this year the "Year of Memecoins," with charts showing memes outperforming all other Web3 narratives.

This thread highlights key points from my latest research.
For a more in-depth exploration, please read my publication on Substack ↓
stacymuur.substack.com/p/are-memecoin…

Sharing my Web3 research framework:

USP data → Metrics → Tokenomics → Runway → Clout rate → Future catalysts

All factors to pay attention to & template ↓ In Web3, the data load is massive, with thousands of protocols spanning dozens of categories. Many investors either narrow their focus to specific narratives, or rely on pre-made insights from influencers and analysts.

In this thread, I’ll share a customizable research framework ↓

Decentralized computing stands out as one of the most competitive sectors in Web3, significantly reducing computing costs for global businesses.

@ICN_Protocol is a noteworthy protocol with immense potential.

Here's why & how to be early ↓ Impossible Cloud Network (ICN) is a decentralized, multi-service platform designed to revolutionize cloud infrastructure. ICN distinguishes itself through:

• SLA Oracle Nodes, ensuring reliable performance and transparency.

Margin notes for @a16zcrypto's "State of Crypto 2024" report:

Key data highlights and additional context you might need for a full understanding of the market ↓ When a16z dropped their annual "State of Crypto" report, most media outlets, X accounts, and Telegram communities, started sharing their beautiful charts. All these charts can be united with one simple red line: “We’re optimistic, and here’s why”.

https://twitter.com/1539681011696603137/status/1846586491171975681

Quick Fact: Liquid Restaking is just 33% of @puffer_finance's product stack.

Here's everything you need to know about Puffer as a comprehensive Ethereum scaling solution, its traction, and TGE expectations ↓ Many know @puffer_finance as an LRT protocol, currently the 2nd largest by TVL after @ether_fi.

But in reality, Puffer's product is built on 3 core pillars:
• Anti-slashing LRT
• UniFi Based Rollup Stack
• UniFi Preconf AVS

Last week, @rise_chain announced a $3.2M seed round with participation from @VitalikButerin to develop a Gigagas L2.

Let's break down the Gigagas buzzword and see if it's worth keeping an eye on ↓ The new generation of Ethereum L2s is now emerging, focusing on extremely high throughput.

This progression follows the shift from the "Just scale" thesis to "Scale for max speed." @rise_chain is the second to join this race, following @megaeth_labs – both supported by Vitalik.

The three driving forces of Web3 are degening, speculation, and yields.

First, we had the memecoin frenzy.
Next, @Polymarket saw a 300% TVL increase since July.
Now, @LogX_trade has reached $20B in volume.

Here's the LogX's playbook as go-to platform for speculation ↓ While infrastructure and technology are crucial, the primary use case of crypto has always been earning—whether through high-risk degening or low-risk passive investments.

In this domain, @LogX_trade aims to be a super app for all these activities.

One of the common blockers for Web3 adoption is privacy.

From dark pools and privacy-first social platforms to private AI and healthcare dApps – all these use cases demand robust privacy infra.

@nillionnetwork understands this priority better than anyone, and here’s why ↓ In the current setup, once data is encrypted and stored on-chain, it must be decrypted for computations and then re-encrypted.

This decrypt-compute-reencrypt cycle not only introduces potential security vulnerabilities but also leads to inefficiencies in data handling.

GameFi has long been a strong bet for driving adoption.
However, over time, the bottlenecks have become more apparent.

What's the current state of Web3 gaming?
And what are the games to watch?

Check out my summary of @Delphi_Digital's "Mid Year Gaming Review" study ↓ To add extra value to this research, I've included key highlights from Delphi's Report along with a list of noteworthy new Web3 games.

The list is quite extensive, so please check my Substack publication for the details ↓
stacymuur.substack.com/p/the-state-of…

In the first quarters of 2024, following a series of disappointing airdrops, the hype has diminished and competition for allocations has eased.

Here is my compilation of airdrop programs worth joining in Q4 2024, with FDV expectations ↓ Covering every detail of each airdrop in a thread is quite challenging.

For a more in-depth exploration and steps to farm each airdrop, check out my publication on Substack (and don't forget to subscribe!) ↓

stacymuur.substack.com/p/airdrops-to-…

Are token unlocks potential sell signals?
What does historical data reveal about trading these events?

• Key insights from @MessariCrypto's Cliff Unlocks report
• Crucial events to watch
• Tools to track inflation

All in one thread ↓ This in-depth report, now a classic feature, is also available on my Substack with additional context and details on key cliff unlocks and daily emission changes.

If you enjoy my work, be sure to subscribe ↓
open.substack.com/pub/stacymuur/…

The @NEARProtocol journey: From and program synthesis to becoming one of the largest L1s, powering:

• Chain Abstraction
• Open web experiences
• Affordable data availability

Get ready to dive into the story behind NEAR's Black Dragon ↓ NEAR.ai
NEAR was originally founded as in 2017 by @ilblackdragon and @AlexSkidanov. It focused on exploring program synthesis (computer-automated software development).

Initially, it was intended to be built on Ethereum, but the technology capabilities were insufficient.NEAR.ai

The red market is the ultimate stress test for protocols, exposing where the real users are.

Here's my big research on the state of Ethereum L2s, packed with visuals and on-chain data insights ↓ Since 2023, new Ethereum L2s have emerged rapidly, with @l2beat now tracking data on 74 L2s and 30 L3s.

However, only a few general-purpose rollups have gained mainstream traction, attracting significant TVL and users. This research focuses on the nine largest ones ↓

What does the future of @solana look like?

Key insights from @Delphi_Digital's "Solana the Modular" research ↓ In this thread, I will highlight:

• Solana's role in Ethereum and Bitcoin scaling theses
• The landscape of Solana L2s
• Solana Permissioned Environments (SPEs)
• Solana’s emerging role as a sequencer

Full version on Substack ↓
stacymuur.substack.com/p/what-does-th…

𝕏 offers quick data insights but can be overwhelming.

This year, my top move as a researcher was turning my email inbox into a goldmine of high-quality data.

20 awesome newsletters to follow if you're in Web3 ↓ #1: @TheDeFiInvestor's Substack

Topics:
• Weekly DeFi updates
• Market overview
• Crypto activities guides & strategies
• Projects and narratives overview

To subscribe: thedefinvestor.com