Ethereum

“And that greed element of blockchain, which is exactly what the Bitcoin thing is all about, in my opinion, is about greed, bringing down the, in the whole blockchain thing. While Solana and Ethereum, they're looking like they have a long-term potential.”

“Ethereum and other blockchains use a new system called proof of stake, which is actually 99.9% more energy efficient.”

“It's the most popular layer two on top of Ethereum now, and it's, people are using it for all kinds of apps to be built, and payment stable coins, and trading, and AI agents, like agentic commerce is happening on there.”

“Without knowing him, that we don't have a founder centralization. Right. For example, if you look at Ethereum, Metallic's there. Right. So there's a founder centralization. What makes Bitcoin unique is that we don't know, we, well, the founder's no longer part…”

“There's really only five crypto assets that I've spent more than a thousand hours on. Bitcoin, Ethereum, Solana, USDC, Zcash.”

“He's not only killing it, but he's running a community, a global community for Coinbase called Base and the Base app. It's the largest Ethereum L-II in the world, and it's a community of creators and developers, and he's having a great time.”

“When I had my kind of eureka moment and I did the back of the envelope calculation for design, I'm like, oh, this is a thousand times faster than ETH.”

“Ethereum being world settlement layer, Solana is the world's execution layer.”

“Of course, there's Vitalik with Ethereum. He launched the first sale of ether during the fellowship. My colleague, Michael is one of the first people to put a Facebook post out about Ethereum and one of our biggest financial mistakes, but I don't really view i…”

“If you wanted to build something like the Nasdaq exchange on chain, there's no way you're doing that on Ethereum one. You probably need a blockchain that has the kind of the level of performance that a Solana or a Sui or some of the other kind of More modern o…”

“So you can now send an arbitrary amount of money anywhere in the world for under one penny in 1:02.”

“The point is not for like decentralization and kind of this new architecture of blockchains for its own sake. The point is they have specific benefits. So like, why, why would one build on a blockchain like Ethereum or Solana as opposed to a traditional, You k…”

“So you can now send an arbitrary amount of money anywhere in the world for under one penny in 1:02.”

“More and more people are contextualizing the valuation framework for Ethereum as a capital asset, and you can think about that burn almost like a company using its free cash flow to buy back stock. The units of ETH outstanding should decline as more and more s…”

“Ethereum in the first quarter of 24 produced on a percentage basis is the most profitable software company in the world. And on a aggregate dollars basis, six largest producer of cash, it's worth seven snowflakes put together. It's three hundred fifty billion …”

“So when I think about the way venture capital has thought about crypto, most of the really smartest people I know have been focused on Ethereum and Solana.”

“So Ethereum financial markets and infrastructure will be built on Ethereum. Maybe parts of it will be built on Solana too. I'm not sure.”

“I know a, you know, multi-billion dollar AUM digital asset fund who has three X their twenty-twenty-one fund just on Ethereum alone.”

“The beautiful thing about Vitalik is that the guy is such an uber nerd that like, You can actually take them at face value, and it's so nice to have somebody you could take at face value, and other people might disagree. I don't care. I take them at face valu…”

“Came out generally skeptical of Bitcoin and really, really bullish on the longer term potential for the Ethereum network as a technology to help people transfer things of value in coming decades and beyond.”

“So we created a grant called the milk money grant. And we're like, this is not enough to get rich, but it's a little bit of milk money, right? It's enough where you can justify spending like two or three months on a project. And it was one ETH, which at the ti…”

“Oh yeah. I mean, if even one of those, if just Ethereum had come out of it, I mean, smashing success. So if just Figma had come out of it, smashing success, right? So those are like the two power law winners of the thing.”

“The very peak, the tippy top of Ethereum. How many V-One hundred equivalents were there, given there were 10,000 for two weeks for GPT-III? ... It was about 10 to twenty million.”

“It would be Ethereum at the I think it was the pre-token sale, the token sale for Ethereum. So the pre-launch token sale. 17.1000000. Today's prices. 10,000 dollars.”

“I have this instinctive belief that all derivative assets eventually increase the value of the original asset. Meaning in a way pickleball just, the more pickleball is out there, the most, the more the value of 10 is going up. The more, you know, the more ther…”

“For proof of concept, I would start with just a set of smart contracts that is on an On an L two, basically on, on, on a lay layer that is much cheaper on top of Ethereum, where you can actually create this protocol, like just exist on Ethereum and without sta…”

“The total market cap of Ethereum is 7.6 times snowflakes market cap.”

“In Q one, if you were to look at Ethereum as a business and we can have this debate about whether it is or not, but if you were to look at it as a business, it produced four hundred million roughly in free cashflow or net income, which makes it the most profit…”

“And so the way that I look at it, and this is not a broadly held view, but the way I look at it is that's a database company.”

“Three years ago, if I were to write the same data to Ethereum, it would cost me a million times more to write that row. Today, it costs about a thousand times more.”

“Without question, Ethereum. I, you weren't expecting that. I can see, you know, what, well, Ethereum, I mean, I remember I was at Greylock. And the ICO had just happened, I believe, or just closed. And I was reading more about what's possible with smart contra…”

“And so in the last 12 months, there's a ballpark of two billion dollars was paid by applications to run software on the Ethereum blockchain.”

“My first tweet about Bitcoin was in 20 11, I think, and I was talking about Ethereum on Tim Ferriss show when it was a few dollars”

“I think Solana is going to go up a lot. It's going to go up a lot more than Bitcoin. I think it's going to go up a lot more than Ethereum in this specific bull market. Cause it's a smaller market cap. There's a lot of energy and excitement around it and all th…”

“Instead, what I did is I bought a little bit of Solana at 48 dollars. It started to go up a little bit more. And usually when that happens, people are like, oh, cool. I was right. Instead, I doubled the bet at 55. Like the position is going in your favor. And …”

“Empirically, I have a few charts in the book, like the take rates in, for example, Ethereum is sub one percent and all the kind of common blockchain networks are very, very low empirically as well.”

“There's an Ethereum upgrade happening in three weeks, four, eight, four, four, which is going to Pro like basically a hundred X, the improvement of Ethereum L two's, which are the main way of scaling Ethereum today. And you get sort of sub penny transaction co…”

“We have a digital dollar today and that's stable coins like USDC on platforms like Ethereum.”

“And there's generally agreement that things like Bitcoin are commodities because it's decentralized enough. Ethereum looks like it's in that status as well.”

“I think a lot of the energy though, in my opinion, the developer energy has moved to Ethereum and other ecosystems that have been friendlier to this type of innovation.”

“That's the strong commitment that Bitcoin makes that other blockchains don't make as strongly, which is twenty one million. That's it. You know, Ethereum's not making that claim.”

“Solana is a credible threat to Ethereum and people, they don't like it when they think that they're, you know, their investments they hold have faced a credible threat.”

“Ethereum is very focused on public goods funding, Very focused on kind of general welfare. And Solana is like very directly capitalist in kind of the more traditional sense of the word.”

“I think that 90% of the rest of the stuff is a complete scam. I think NFTs are, for the most part, total bullshit. I think Web Three, for the most part, is total bullshit. And I think that the people who entered into that space oftentimes are horrible entrepre…”

“You know, on GitHub stars, we've overtaken Ethereum and Bitcoin cumulatively. It took them 10 years. We got there in like three, four months.”

“And so we traded out of Bitcoin and Ethereum via our second fund and for it, right before the crash for a great multiple and recycled those proceeds to fund our rippling investment.”

“So we returned a 10 plus X life to date multiple on our Bitcoin and Ethereum investments on fund one. To our LPs in cash. Nobody even emailed us to thank us.”

“And so, and the other aspect that we baked in here was the idea that if you owned a Bored Ape and could prove that on the smart contract level, you had it in your Ethereum wallet, then you also had, by virtue of the terms, a full license to the commercial righ…”

“I don't even trade ETH. I just buy it.”

“The number of developers that are continuing to write code in Ethereum, despite prices being down 60 to 80%, it's flat. The number of full-time developers hasn't gone down. They're still writing code.”

“DeFi worked. DeFi didn't fail here. Maker is still going. Frax is still going. Ethereum is producing blocks. You can send money around using stable coins. You can still take money out of Aave. All the systems that are designed to be over collateralized and res…”

“We tend to think the world is going to be multi-chain. It's not going to be one chain to rule them all. And there probably is going to be some sort of power law there. So the big winner will be really big. We tend to think Bitcoin and Ethereum will be really b…”

“The largest assets by market cap, notably Bitcoin, Ethereum, Solana, et cetera are assets that don't really have an obvious DCF.”

“Ethereum does not have a scaling plan seven years later. It still does not have one today. I do not think they will have one in the next 12 months.”

“MetaMask is probably, they control the user interface for 80% of people interacting with Ethereum.”

“We're seeing production ready scaled other networks, including what are called layer two networks on top of Ethereum that are really ready for prime time. And that dramatically lowers the transaction costs and therefore opens up a lot of new design possibiliti…”

“I just think that there's, on just the level of cost versus security, a very wide spectrum that you can't easily fit inside a single chain.”

“So yes, these systems are tightly coupled to Ethereum today, but once they get substantial use and substantial capital inside them and all sorts of app developers deploying straight to them, at some point they're going to say, wow, why don't we integrate to a …”

“Within Nexus Mutual, there's this capital pool that pays out claims. There's roughly four hundred million dollars in the capital pool. There's roughly twenty million a year of annualized premiums being paid in”

“All the activity is happening in these low fee environments because you need fast and cheap to make the game use case work.”