Doots Podcast

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u/alexiskef

✨E✨t✨h✨e✨r✨e✨u✨m✨

u/nothingnotnever

✨$✨3✨3✨0✨8✨

u/zepoid

✨.0✨3✨4✨5✨6✨

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Political views,

Territory to peruse,

Crypto disabuse.

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In the midst of”it’s so over”, I found there was, within me, an invincible “we’re so back”.

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So let’s fast forward here for a second. Once all the ETFs are staking then the rewards will be around 2%. I would think of this as a dividend from a traditional finance point of view. Which I believe would be really good compared to other companies dividends.

Apple: 0.4%

NVIDA: 0.02%

Microsoft: 0.75%

Tesla doesn’t even have one

Meta: 0.32%

So here’s hoping that yield looks yummy to everyone and ETH starts to get gobbled up.

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Just dug through some recent developments on this lazy Saturday and honestly, the fundamental case for Ethereum right now feels stronger than it has in a while…

Institutional Onboarding is Finally Happening 🏦

We’re moving past the pure retail speculation phase. 2025 was a huge turning point for institutional adoption, with Digital Asset Treasuries (DATs) moving faster than ETFs to deploy capital. The CEO of ether.fi thinks 2026 is the year neobanks really take off, exposing normal users to on-chain yield and stablecoins. This is huge for utility.

Stablecoin Dominance is Unmatched 💸

Ethereum is crushing it here. The network holds over 62% of the total stablecoin market share, recently surpassing $59 billion in issuance. B2B stablecoin payments grew steadily all last year, and with RWAs (Real World Assets) expanding despite the market downturn, ETH is becoming the default settlement layer for dollar transactions. Standard Chartered noted that Ethereum accounts for roughly 40% of all blockchain fees for a reason.

The 2026 Roadmap is Locked In (Glamsterdam & Hegota) ⚙️

Core devs have confirmed the plan for this year with two major scaling upgrades: Glamsterdam in the first half of the year and Hegota in the 2nd. These are the successors to Pectra and are designed to handle traffic better without spiking gas fees. Frequent, structured technical upgrades = strong network health.

Developer Growth & Big Money Deploying 👨‍💻

Despite the noise, Ethereum is still where the builders are. We added over 16k new developers between Jan and Sept 2025, beating out Solana and Bitcoin. On the corporate side, SharpLink Gaming just deployed $170M worth of ETH (55k ETH) to Linea. That’s serious institutional confidence.

Price Targets are Looking Up 📈

After a rough 2025 (-10%), January is starting green. CoinCodex is eyeing a 12% jump to ~$3,450 soon, but some forecasts are calling for 4,200–4,500 by the end of the month if liquidity improves. More bullish voices like Tom Lee are even projecting a range between $7,000 and $9,000 by early 2026. (Obviously we need to take this with a huge grain of salt but still it’s good to see bullish sentiment still exists!)

Also… a little teaser to look out for ERC-8004. It’s early days but looks like a winner.

Feels like we are building a rock-solid floor here. DYOR, but the fundamentals look solid.

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I was reading ‘the Psychology of Money’ on the plane a few days ago, and one interesting thought was about how the author believes that bubbles form. People have different investment timelines. Some invest for a time span of decades, others invest because they want to turn a profit in one week. One actor is not more rational than the other, they just have their own perspective and preference.

Bubbles form when the pool of investors in a certain asset becomes weighted more towards short-term investors chasing momentum (and being perfectly rational in doing so) than towards long-term investors who bought the asset because they believe in it and want to see it grow. When the market turns, those short-term investors will drop the asset on a dime, as they never really had a strong belief in it.

I think what’s happening in ETH is a bit of the opposite. After years of bullying, pain, inexplicable price action, OGs dropping out, we are building an investor base that is absolutely rock solid. Granite. If you’re still here, you must really believe in this thing. I believe that treasury companies are only the most obvious and public manifestation of an underlying reality, which is that the ETH investor base is more and more made up of actors who believe in the long-term success of the asset, and who will hold through thick and thin.

And the momentum investors, retail, etc. Well, they’ll come back at some point. There will be some catalyst. And once that catalyst is there, there will be a very thick, strong base that is not selling any time soon.

In other news: about 5 years after I first started, and another year or so since I quit, I have recently joined the entry queue to become a (solo) staker once again :) I wanted resource-efficient minority clients, and am running Reth-Nimbus. Can’t wait to be live!

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I recently watched this talk by Cory Doctorow. He’s an EFF activist and has been fighting for our rights for like 20 something years.

So much of this talk is on sovereignty. Whether it’s national sovereignty such as national defense, corporate sovereignty such as jailbreaking devices, or personal sovereignty such as right to repair electronics he comes across as passionate about creating more resilient, economical, and equitable societal outcomes. So much of the ethos of web3 is present in his philosophy but the only reference to cryptocurrency in the whole talk was “stocks, shitcoins, and casinos but I repeat myself”.

There were points where I just wanted to scream at the screen that we can help with that. By virtues, this guy should be ally of ours but he’s probably only ever been exposed to the scammers that swarm the periphery of our ecosystem which is all too common a situation. We seriously needed something like Etherealize 4 years sooner, to treat public perception of Ethereum as more of a public good and less as the full time job of people like Sassal or Hoffman.

I’m talking to DeAI founders regularly and the common message is to lean into words like control, ownership, and resilience more and to avoid the word blockchain entirely. It’s really a sad state of affairs that we can utilize blockchain solutions to improve things like resilience but we can’t openly talk about utilizing blockchain solutions in any business or customer interaction. Anything web3 has to be abstracted as much as possible away behind a web2 interface before it can become palatable.

Neobanks this year will be offering Defi access through web2 frontends while avoiding any mention of blockchain as hard as they can. They’ll use terms like “fully regulatory compliant backend financial systems” because if you say Ethereum almost the best thing that will happen is people won’t have heard of it. DeAI systems will be using terms like “proof of control” to market even when that proof is using mechanisms like tokenization for model ownership.

It’s frustrating.

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US doing capital controls for welfare recipients

Bessent: “For individuals who want to wire money out of the country, they’re gonna have to tick a box whether they are or are not on public assistance. Then we’re going to start pushing over the coming days and weeks that if you’re on public assistance, you cannot wire money out of the country.”

https://bsky.app/profile/atrupar.com/post/3mcasw4irok2x

Not totally clear what “public assistance” means but Claude says SNAP is 41.7 million people. If it also includes Medicaid that’s another 67 million (partly overlapping with the snap recipients).

That’s quite a lot of people who may suddenly need crypto, I wonder if there’s anything we should be doing to help them find out how to do it and how to avoid getting scammed.

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Please welcome our newest mod u/eviljordan

I’ve known him for years (online, never met in person).

He created the Fulu artwork for Teku. 🦓

We recently created EIP 8066: Upgrade Mascots (https://eips.ethereum.org/EIPS/eip-8066) and he is the self selected Mascot Wrestler for Glamsterdam upgrade. 🦩

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Gas limit for blocks doubled within a year and more to come. In 2024 some Ethereum community members and researchers started to demand more L1 scaling by increasing the gas limit. A whole movement started around it (pumpthegas.org). Their argument was that there wasn’t any explicit increase in many years and the implicit one during the merge was rather small (+7% or so?). Hardware has become better, internet bandwidth increased and most importantly some clients have become much more efficient. Ethereum gas target increases are voted on by validators, so it is a rather cumbersome and slow process. Core devs also first had to come to consensus what increase is safe to do at which points in time. Some benchmarking has been done in spring of 2025 which continues for the foreseeable future and some critical bottlenecks have been removed. Within one Year we increase the gas target limit from 30 million to 36 Million on February 4th 2025 then to 45 Million on July 22nd 2025 until it was increased to 60 million on November 26th 2025.

Blocks still are full (actually half full), so all the available block space is used, but because there is more now, price dropped massively. The increased block space on rollups further reduced bidding wars on mainnet.

In the future there still is the goal to increase the gas limit by a factor of maybe 2 to 3 per year for a few years until we reach something around 20 billion gas per block (or equivalent) in a zk future. We will see how long it takes to get there.

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A flurry of posts by Vitalik on the Ethereum front page for those of us who have a sticky directly into the daily:

Welcome to 2026

Ethereum itself must pass the walkaway test

On Zk-EVMs

We need better decentralized stablecoins

Increasing bandwidth is safer than reducing latency

Linux as a north star

Ethereum was not created to make finance efficient or apps convenient. It was created to set people free

Corposlop vs sovereign

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I haven’t posted anything interesting in a while, but we have had the biggest news at DeFi Saver in a long time just go live today.

We’ve partnered with Summer․fi who will be winding down their Pro management app in order to fully focus on the Lazy Summer protocol and its AI powered, yield hunting vaults.

If there’s any Summer Pro users here, you can access and manage your positions at DeFi Saver as of today - and you can keep me as a contact for any questions whatsoever.

For anyone interested in checking out the full announcements, here they are from both sides:

• https://x.com/DeFiSaver/status/2011477022636458483
• https://x.com/summerfinance_/status/2011474734433669616

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u/DayTraderBiH

Ethereum!

u/FrenktheTank

0.0343

u/alexiskef

$3,114

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A few to annoy,

Venezuela viceroy,

Oil and gas enjoy.

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I made a transaction on mainnet swapping ETH -> USDC and, since then, have received over 60 phishing transactions of minuscule amounts of USDC. I almost have 30 cents worth collected now!! Thanks, scammers! It’s free real estate!! 🤑🤑🤑

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u/nudelsalat3000:

Can someone explain me what is the strategy with price where ultimately you always compete against bitcoin? I learned we don’t talk about direct dollar value but always the relation to btc price. So far so good, understood.

Like I also understand value building, however it seem price building is nonexistent. Bitcoin uses tricks like MicroStrategy to collect investors, which then attracts new investors and they get a flywheel effect. I also learned that with liquidity farming it was an approach to use such flywheel effect.

However I also saw that Ethereum there is so much building that everyone builds their own tokennomis on L2 and all L2 compete, given there is no direct link, but always L2=>L1=>L2. So “fragmented economy” which means splitted interests. Doesn’t sound game theory stable, if you can push your own L2 token instead of eth, it it’s more incentivesed.

Staking also isn’t that sexy, if the price is not that attractive or at least the outlook. Not sure about other players besides bitcoin, solana is sometimes mentioned but seems not much else to be able to compete at a global level.

Is there some strategy ongoing, or is this one of those forbidden knowledge things like “we don’t talk about price”?

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u/eth10kisFUD:

ETH is the most misunderstood asset in the market currently, similar to where Bitcoin was in 2015.

Bitcoin literally only does one thing and had simple mental crutches such as “fixed supply” to make people understand the concept better, yet it still took many years for the market to grasp it.

If you are a Bitcoin expert you know that its economic security is running out and it won’t stay the most important crypto for long.

Ethereum is fundamentally more complex and takes more time to understand for many, but it is the most secure crypto asset and the natural successor to Bitcoin once Ethereum has entered maintenance mode and Bitcoin runs out of economic security in the next couple years.

The “Forbidden knowledge” in the crypto industry is that Ethereum is the only contender in the race to become the global crypto SoV asset. The only missing piece is time.

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u/HauntedJockStrap88:

The strategy is ultimately “as Ethereum the network usage increases the value of ETH goes up”

Upgrades to the network are done to to increase usage, how attractive it is to use the network.

Adoption is the strategy.

ETH’s competitive advantage over the entire crypto ecosystem is that it is the native token of the largest and most useful ecosystem. (Currently)

The thesis for the growth in price of ETH is tied inextricably to the growth of Ethereum. Bulls believe that Ethereum will be the network that ultimately settles value in the next iteration of global finance. The scale of adoption would then force ETH to be money. You’re paying transaction fees in ETH. You’re paid staking yields in ETH. You’re extremely likely to take out loans putting up ETH as collateral. When Ethereum gets adopted ETH is money in that system, and therefore everyone will want some. You get the monetary asset story of BTC (low/negligible inflation, divisibility, portability, non-fungibility, etc etc) with all the actual usage of a smart-contract L1 platform. This is the ETH bull case.

BTC, conversely, increases in value historically despite the fact that its network is mostly useless and bare of any activity. It’s all narrative. Narratives are powerful things, and it is certainly possible that the BTC story continues to merge with reality. Gold is money because it’s gold. The properties of gold make it suitable as money more than most things, but there are many other commodities out there that could’ve been money like gold but aren’t. Because most people don’t think of those other commodities as money (simply) There is thousands of years of precedent that has ingrained gold as money. Perhaps like gold the snowball is already rolling unstoppably down the hill with BTC? It has already reached escape velocity in the public perception of it and eventually it will be held in the same esteem as gold (or perhaps moreso) by everyone. BTC bulls don’t talk about usage, they simply talk about market fundamentals and how more people are buying BTC as an investment. The Ethereum network usage is a red herring, the Ethereum network upgrades are unnecessary risk, blockchain serves no purpose outside of Bitcoin. Immaculately conceived, ossified, and marching upwards as more and more people “buy BTC at the price they deserve”. This is BTC’s bull case.

Both these assets have very well defined supply schedules with little expected supply inflation expected going forward. Therefore, in a supply/demand paradigm to determine price, you only really need to consider demand. I laid out above the strategies both are employing to increase demand over time.

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u/edmundedgar:

I learned we don’t talk about direct dollar value but always the relation to btc price. So far so good, understood.

This is an old r/ethfinance brainworm dating back to the days when people thought BTC and ETH were competing for the same network effect. They thought that the price was a key part of being the main network, and when the ETH price exceeded the BTC price that would drive a load of users from BTC to ETH, which would in turn increase the ETH price and decrease the BTC price. So they tracked it kind of religiously.

But it turned out that Ethereum got a bigger network than BTC in terms of basically everything Ethereum users think is important, and that didn’t cause the price to flip because BTC and ETH are used for different things. But during the period before people knew this they got into a load of pissing matches with Bitcoin users and care a lot about winning on this otherwise unimportant metric, so they still talk about it a lot.

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I’ve decided to step down as mod. I started a new job a few months back and it doesn’t leave me much time to hang out on reddit, and I don’t see that changing this year.

Appreciate you all, and have a great 2026!

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u/Flashy-Butterfly6310:

Discussion:

Is ETH price poised to be low, since a low price incentivizes its usage?

(Not trolling, I’m a huge Ethereum Believer, I just want to have - yet another - discussion about this topic).

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u/epic_trader:

No, the price to use Ethereum is not related to the price of ETH.

The number of transactions on L1 and L2 has only gone up, forever, even while the price also has gone up. If a lower price of ETH correlated with more transactions, the number of transactions across Ethereum shouldn’t be at all time high right now.

Here’s an ETH transfer from 1 minute ago when the price of ETH was $2,932. The transaction fee was $0.005

https://etherscan.io/tx/0x5aad7a6e59d7b1286bd1d841dfffbd0783f9c87f139046c08c19a511e6dd94de

Here’s an ETH transfer July this year when the price of ETH was $2,932. The transaction fee was $0.14

https://etherscan.io/tx/0x0275dc911c65225fc049ee9e1bd53731ccd02a8876418c4888a7d29b494efdb9

Here’s an ETH transfer from February this year when the price of ETH was $2,932. The transaction fee was $0.62

https://etherscan.io/tx/0x3a0c0267913f98c559ac51641f03b111ffba6360d6722b700bbf67f01f4dea06

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u/HauntedJockStrap88:

Fun Hot? takes for 2026:

ETH ecosystem TVL crosses 1T

Stablecoin Mkcap triples

The 4 year cycle dies.

Tom Lee’s Bitmine trades over $100/share.

BTC and ETH set ATHs.

Some important Tradfi guy actually says the word “Ethereum” instead of “blockchain” or “crypto” (impossible, I know)

Vitalik finally says we deserve it (even more impossible)

A crypto app goes viral in the US

An Ethereum upgrade is covered by a CNBC host.

Clarity act passes

A major crypto figure is invited to ring the bell at the NYSE for the first evening session of 23/5 trading in the US.

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u/LogrisTheBard:

Sounds like you’re expecting a more fun year than me.

I’ll be happy if we reach $500B stablecoins and we even hold $3k all year.

Crypto is more likely to be used in the backend by unknowing participants than have a viral app ever. Even if you count things like Polymarket, most people just view it. Far fewer actually set up a wallet and participate.

I do think some version of the clarity act is more likely than not to pass but if it passes in July it will still take more than the rest of 2026 to get most things off the ground.

u/LifeReboot__:

[comment deleted]

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u/whisperedstate:

I had formulated a thesis when I bought a long time ago, and then I re-evaluate periodically to see if that thesis is still on track. Basically, my first internal thesis milestone is reaching 1T in mcap (adjusted for inflation). To me, that’s the first milestone to Ethereum becoming global financial infrastructure, because it says implicitly that Ethereum is highly valued as an asset and a network. So I would sell some there.

The next milestones for me are more based on utility than value, i.e. the first truly mainstream application on Ethereum. I take the same approach I took with Tesla when I invested in the early 2010s. Basically, I said I’d sell when I see Tesla’s every day while driving. To me, these kind of usage milestones are easy ways of gauging market penetration for tech plays / growth assets. So I would sell some more if Ethereum achieved a dapp that was truly mainstream. Stablecoins are pretty close, but not quite there. If major banks were using stablecoins in their backend, then I might consider that a mainstream dapp. Or if Ethereum enabled 24/5 or 24/7 equities trading at scale, that would also quality. Something like that.

For me to sell and capitulate (thesis never achieved) it’s a time-based milestone. If it’s been a decade since my initial investment, and progress is obviously not happening as I expected it (network metrics are down, tech progress has stalled, crypto interest has waned, utlity is not there, social in-fighting, etc.) then I cut my losses and sell. A really good real-world example of a network/ecosystem that has failed in this way is Cosmos or Polkadot. If Ethereum starts looking like that, run for the hills.

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u/HauntedJockStrap88:

I agree with your metrics. When to sell is as much a lifestyle decision as it is one to make based on metrics imo. Personally I’m not here for short term financial goals, but once some medium term/long term goals are achieved on paper I’ll be selling some to lock that in no matter how bullish I am. The metrics are guiding me that I’m still in the right place, but when it’s time to leave is personal, partly.

As far as I’m concerned something like TVL should continue to climb this year with the expected adoption from tradfi. A major reversal in that trend outside of a tradfi black swan event would have me reevaluating. I believe this is the year.

I liked the other comment as well that a bullish outcome sell signal will be when you see mainstream adoption of Ethereum in your day to day life. Like if my tech-illiterate father is paying for coffee with stablecoins, or my crypto hater friends have Aave on their phones, etc etc. We all invested in this partly because we believed that would be the outcome. Seeing market penetration of Ethereum like that would indicate to me that I’ve captured a lot of the upside in at least the medium term.

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It might be that either bitcoin needs to collapse or Ethereum needs to ossify as well, before we see any meaningful price change. Forever crab til the protocol is good enough and now people can focus solely on L2’s and better UX / merchant integration.

It would make sense. Why should Ethereum become more valuable than it already is?

It’s eternal crab vs infinite human stupidity.

Just how long is it going to take for the massas to understand bitcoin is fundamentally flawed? Most never will, they’re sheep and won’t care or bother to understand. They just want things that work and don’t care about how.

I’m keeping my popcorn ready for around the next halving. Sooner or later, it’s game over and a massive wave of change will come. People will cry, why did no one warn us? I’ve been lied to!! See?! Can’t trust technology, it always fails eventually! This is why we have banks and governments to protect ourselves from our own stupidity.

That’s when Ethereum will shine. Or perish, under the global wave of distrust towards all crypto, all being lumped together as if it’s all the same thing that can’t be trusted anymore.

Will Ethereum survive? Time will tell.

What I think is more likely, and better for all of us, is another long painfully slow bear market with no violent crashes, just slow steady down. So that that bitcoin issue can resolve itself in a less volatile way. Ethereum will survive all bear markets, it does not rely on miners needing to pay huge electricity billls.

Bear markets is where truth surfaces and old waste gets abandoned. Bull markets are full of, well.. bull shit.

See you all in 2026.

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A bit belated because it got trapped by Reddit filters but my final Devconnect article is up!

I went to DePIN day and now I want to monetize my vacuum cleaner is my typical oversharing style of overview, you have been warned.

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Thinking about what’s coming this year and how to position my portfolio.

1. I give it above even odds that the US gov shuts down again which will have a negative impact on markets eventually if it drags on like it did last year.
2. The US has turned on the money printer again and the debt is parabolic at this point so I am expecting a return of inflation. This probably means I should be holding more Euros and maybe precious metals but…
3. There are dozens of mines coming online in 2026 and selling covered puts on precious metals. I don’t see how the parabolic rise in silver/gold this year can sustain all of this new supply hitting the markets. So maybe not holding precious metals past Q1 or Q2 of this year. These mines take awhile to come online but a lot of gold mines started setup in Q3 of 2025 so we should start to see that extra supply this year. This implies selling precious metals and back to euros if I want a stablecoin past Q1 or maybe Q2 of this year. I made about 10% on a currency trade last year, seems like I’ll be setting up something similar again this year.
4. I predict the continuation of the rearmament of Europe. Trump’s actions last year cemented an increased expense from Europe on defense and you can be sure his recent rhetoric on Greenland and events in Venezuela today only further than outcome. I’m up almost 100% in 2025 on EUAD and am comfy holding that for another 50% gain over the next 4 years.
5. I’m bullish tokenization but it looks to me like Defi is going to fail to seize the market share so I’m looking at picking up some Robinhood/Coinbase when their product offerings start to show sizable adoption on chain. Something to watch rather than act on for now. I obviously should have bought Canton on the narrative when I heard the news but I sat on my hands instead. I’ll keep looking for other ways to express this thesis but for now I’m just watching adoption of RWA platforms like Ondo and Tradfi to buy based on whatever fundamental signals I can nab.
6. I think we’ll see an AI dip sometime this year. If you look at how much these companies have to make from AI to recoup their capital outlays you come to some pretty unlikely answers which says to me we’re going to see a .com style repricing of these efforts in the next few years but I’ll be prepared for it going into Q3. DeAI has some amazing tech but I haven’t encountered any protocols that have actual customers. There’s a systemic failure of customer outreach for that sector (just like Defi). Until we change how we do outreach I only see the market caps for that sector continuing to struggle. That’s a long topic though.
7. I’ll happily pick up more ETH in the low $2k range because I give it good odds we would at least revisit $3k within 4 years or if we see both a drawdown in exchange reserves and an elastic response of price to that drawdown. We saw that briefly with dats in July/August but the time to exit was when this elasticity broke. Outside of that if the market structure bill passes and comes out well then I’ll probably buy some back for a narrative trade. Otherwise I have enough and am happy farming.

In aggregate I expect this year to be volatile and for there to be massive unrest in the US from continuing layoffs, the cut of ACA subsidies, unchecked executive power, and the world alienating the US on everything from travel to booze in response to aggressive behavior on the international stage.

What other thesis do you all have for this year and how are you investing for that?

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u/Substantial_Hurry_25:

Good listen for a bit of Cypherpunk cross over here: https://www.youtube.com/watch?v=39jsstmmUUs

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u/shiftli:

I’ve not yet made it far into my 39c3 playlist, and most of the talks are in german anyway, but I found “APT Down and the mystery of the burning data centers” interesting!

Also, if you use AI agents you should watch “Agentic ProbLLMs: Exploiting AI Computer-Use and Coding Agents” (and then ask chatgpt how to set up a sandbox for your agents)!

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Octant epoch 10 allocation window is officially open!

https://octant.app/ - If you have $GLM locked make sure to donate (or claim) ETH rewards at some point in the next 2 weeks.

On https://octant.app/home make sure your uniqueness score is at least 15 to get full matching. If it isn’t you can update your passport score to prove you’re a unique human https://support.passport.xyz/passport-knowledge-base

https://x.com/OctantApp/status/2008614595741806678 - Thread with info on the 24 projects

https://docs.octant.app/ - Octant revolves around allocating the yield generated with the 100k ETH they have staked. It is by far the most sustainable public goods funding platform on Ethereum and you can have an incredibly overweight say in what to fund by locking GLM and taking part. Can see the matching leverage in previous epochs here https://octant.app/metrics.

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So I guess Ethereum people can spit out that crazy pill from yesterday

https://www.theblock.co/post/384603/morgan-stanley-spot-ethereum-etf

Perhaps the Ethereum guy at Morgan Stanley couldn’t be bothered to work overtime around Christmas and New Year.