👀 FINALLY something exciting

GM everyone. This is 2036.

ETH has had a rough time lately:

• King Vitalik tweeted he doesn’t love DeFi on Ethereum

• ETH’s price relative to BTC keeps dropping

• ETH ETFs are seeing virtually zero demand

… which is why many ETH holders are feeling frustrated.

Now, there’s good news and bad news.

The bad news is that right now, investors aren’t interested in ETH.

This could be a problem of:

• valuation: at ∼$300 BILLION, Ethereum is the 36th most valuable asset in the world - sandwiched between Coca-Cola and Netflix - and trading at a PE of ∼100, 2-5X more than major tech companies.

• value proposition: Ethereum is a supercomputer that tried to sell itself as deflationary ultra-sound money, but Bitcoin is a better store of value, and Solana is faster and cheaper.

• access: prime trading desks don't yet offer margin on the ETH ETFs, although they do on Bitcoin ETFs.

• market conditions: even the Bitcoin ETFs have seen net outflows recently. This could last all of September, historically the worst month for crypto…

In other words, ETH could find its footing again if the price falls enough, its value proposition becomes clearer and easier to access (especially for institutional investors), or market conditions improve.

But maybe we don’t have to wait for all of that.

You see, the good news is that for the first time in a while, something exciting is happening on Ethereum.

Now - as a caveat, I have no idea if it will last.

No one does. But it’s provocative. It gets the people going.

Over the last few months, Solana has pumped out hundreds of thousands of new tokens - mostly memecoins - using a platform called pump.fun.

99.9% of these have failed to pick up (that’s not a cliché; that’s the real number), but some have reached hundreds of millions of dollars in market cap, like $MICHI, $BILLY, $MOTHER, $SCF, etc.

Pump.fun was instrumental in pushing the memecoin craze on Solana to a whole new level.

And in the process, pump.fun made over $100 million in revenue. Not bad.

Well - ETH is getting its own pump.fun: Ethervista.

Ethervista is a token launch protocol similar to pump.fun but with slight differences: it’s harder to rug coins and encourages developers to supply more liquidity - among other things.

Similar to what happened on Solana, could this lead to an ETH renaissance, as memecoins descend on the chain and ETH whales join the degens in gambling their bags?

I have no idea.

But it’s possible.

Love it or hate it, ETH needs an innovation - something exciting that’ll bring positive mindshare to the chain.

This ain’t no DeFi or NFTs— but it’s something.

Contrary to pump.fun, Ethervista has a token… $VISTA.

It’s currently trading at an $13 million market cap.

So, if you don’t want to trade memecoins in the trenches of ETH… you could get some exposure just by buying the VISTA token.

Now, be careful. This is super risky and super volatile (like our Biden bet) and has a high chance of going to zero.

But more importantly, if it does go somewhere, I expect it’ll also be good for ETH holders too (finally).

I’ll keep monitoring what happens on Ethervista, and if some new token stands out more than others, you’ll be the first to know.

👀

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.