Within the next 10 years, the world will move on-chain in massive size (think ~20% of global wealth getting tokenized until 2035 is not unreasonable, meaning $80T+) Why? Because it makes the existing system much more efficient due to: - elimination of media discontinuities for all processes happening on-chain --> everything 100% digital, huge unlock - everything happening on-chain is programmable and can interact with every other on-chain protocol (interoperability). This is a completely new quality enabled by the on-chain economy and likely an even bigger unlock than eliminating media discontinuities - providing rails for AI agents doing their business on-chain. Works in combination with both former unlocks and will be quite massive (something like a black hole currently ;) L1 with the highest security guarantees will be the foundation for this on-chain economy (because everything else makes no sense). And that's Ethereum. With ETH as the apex asset of the on-chain economy, powering Ethereum with unparalleled properties: - real yielding 2.3% rn, long-term likely 4%+ - issuance inversely correlates with on-chain activity. Activity up = issuance down, likely 1% deflationary long-term - high liquidity, similar to BTC rn (will be much higher than BTC long-term) - low capital costs, making it primed as DeFi collateral - most permissionless asset of the on-chain economy, again primed as DeFi collateral - yield can be increased by using Eigenlayer / EigenCloud restaking, enabling even higher real yields (additionally 1%+, Joes SBET said they will do this) The world is only catching up to realize the things above. -25k is my base case this cycle (likely even higher when things get crazy). - 100k medium-term target around 2030-2032 - Long-term (10yrs+) likely 1M ETH. Endgame is ETH.