Two major pieces of Ethereum news landed today: Deutsche Bank, Germany’s largest bank, is reportedly preparing to offer institutional ETH custody, while JPMorgan, the largest bank in the United States, is bringing JPM Coin’s tokenized dollar deposits to Ethereum. Two giants of traditional finance embracing Ethereum and ETH. But the price barely reacted, whereas on another network, people would be expecting a major pump. There are two reasons for this. First, ETH is larger and more liquid than most competing assets, so it takes more buying pressure to move it. Second, the market already expects major institutions to build on Ethereum. Another announcement is not subverting expectations. Some people might say Ethereum is cursed: success is expected, and it only has something to lose when it disappoints. This is where Ethereum bulls diverge from bears. For years, bulls predicted the adoption now materializing before our eyes. This was NOT consensus. People said institutions would never use Ethereum, or would build everything privately. Now it’s: “That’s already priced in. Good for Ethereum, but how does it accrue value to ETH?” There are two things that mentality ignores. First, this is financial adoption, with size. The players matter, but so do the capital they commit, the assets they tokenize, and how deeply they integrate their products and services. All of that shows growing trust in Ethereum as a financial network, both for people using layer one directly and for layer twos using it for settlement. We are gradually building an internet of finance where the underlying network has one native asset: Ether. ETH secures that system and can be used directly as collateral. Bringing Bitcoin or any other asset, into Ethereum requires additional backing, bridge, or custody arrangements. Native ETH already belongs there. Why does this matter so much? Financial activity settling on Ethereum does not pay Bitcoin’s miners. Bitcoin’s own security model anticipates transaction fees replacing its declining issuance. That activity will not magically show up on Bitcoin just because its proponents expect it to. Second, the uncertainty pushed around ETH’s supply ignores what has actually happened. Since the Merge, ETH’s net supply has grown roughly 1.3% in total, while continuing to reward the stakers securing it. Stakers can earn above supply dilution, with transaction income on top. For an asset used as a store of value, that cannot simply be ignored. There is already actual substance behind ETH’s gradual recognition as a store of value. The network has matured. Proof of stake has years of operation behind it. Current SEC guidance identifies ETH as a digital commodity. The ETFs that critics said would never happen now exist, including BlackRock’s multibillion-dollar fund. Treasury companies like Bitmine and Sharplink are accumulating ETH at scale, and their holdings can produce staking income. That adds another way for investors to gain exposure, and another reason to hold the asset. So when bulls talk about ETH eventually flipping Bitcoin, then gold, this is what they are looking at: an asset with restrained supply growth, native yield, and direct usefulness in a growing financial system. You can disagree with that thesis. But “the price didn’t move” does not answer it. Fundamentals are moving int the right direction, but price is a lagging metric. Many of the things bulls expected are happening. The argument is that ETH is severely underpriced, and that the market still underestimates where it leads.

1/ Anseta is live on the Shinzō testnet as a Generator. Enterprise-grade node operations across 30+ networks. SOC 2 Type II certified. 6+ years running validators. Now producing verifiable blockchain data at the source. Welcome to the Shinzō Kazoku @AnsetaHQ 🧵

New EIP! Decoupled Consensus 🔗 github.com/ethereum/EIPs/pul… Highlights: - Validators would send two different message types: head votes for the available chain and finality attestations for the finality gadget, with separate propagation and inclusion rules. - Fork choice for the available chain uses only recent head votes (with cutoffs) plus expiring lock mechanisms to protect recently confirmed blocks when participation drops or messages are missing. - Finality would move off epoch-coupled voting: the whole validator set participates in independently scheduled finality rounds, and blocks can be justified/finalized as soon as ≥2/3 stake attestations are included in blocks. - The two subsystems interact through a “frame” provided by the finality gadget that constrains which blocks the available chain may build on and vote for (viable tree/heads, fork-choice root, frontier height handling). - It requires a consensus-layer hard fork and leaves major parameters and analysis as TBD (committee selection/VRFs, timing/lock parameters, encoding/aggregation, incentives, slashing details, fork transition, and proving the targeted ~4× faster finality). ELI5: Today Ethereum uses the same kind of vote messages to both (1) pick which block is the “current head” and (2) decide when blocks are “final” and can’t be changed. This proposal splits those into two separate jobs: a smaller, fast group votes each slot to quickly pick and “confirm” the head (with safety locks if votes are missing), while the whole validator set votes in separate, independent rounds to finalize blocks much faster. Keeping these two voting systems separate is meant to make chain reorganizations harder and let finality happen sooner.

1/ StakingCabin is live on the Shinzō testnet as a Generator. 50+ networks. $300M+ staked. Now producing verifiable blockchain data at the source. Welcome to the Shinzō Kazoku @StakingCabin 🧵

1/ We are excited to announce that HashKey Cloud is now operating as a Generator on the Shinzō testnet Welcome to the Shinzō Kazoku @HashKeyCloud 🧵

News: JPM Coin (JPMD), @jpmorgan's USD deposit token, is now live on @ethereum. JPMD extends from Base to Ethereum L1, giving institutional clients native onchain cash that sits alongside the assets, collateral and counterparties they transact with already. J.P. Morgan has now added a cash leg to the products it already live on Ethereum mainnet, with tokenized money market funds MONY and JLTXX both already on the network. Ethereum is the home of onchain finance.

Guess this means rip farcaster. It will become infested with black mold.