Within the next 10 years world will move onchain 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 onchain --> everything 100% digital, huge unlock - everything happening onchain is programmable and can interact with every other onchain protocol (interoperability). This is a completely new quality enabled by onchain economy and likely an even bigger unlock than eleminating media discontinuities - providing rails for AI agents doing their business onchain. Works in combination with both former unlocks and will be quite massive (something like a black hole currently ;) L1 with highest security guarantees will be the foundation for this onchain economy (because everything else makes no sense). And that's Ethereum. With ETH as apex asset of onchain economy, powering Ethereum with unparalleled properties: - realyielding 2.3% rn, longterm likely 4%+ - issuance inversely correlates with onchain activity. Activity up = issuance down, likely 1% deflationary longterm - high liquidity, similar to BTC rn (will be much high than BTC longterm) - low capital costs, making it primed as DeFi collateral - most permissionless asset of onchain economy, again primed as DeFi collateral - yield can be increased by using Eigenlayer / EigenCloud restaking, enabling even higher realyields (additionaly 1%+, Joes SBET said they will do this) World is only catching up to realize things above. -25k is my base case this cycle (likely even higher when things get crazy). - 100k medium term target around 2030-2032 - Longterm (10yrs+) likely 1M ETH. Endgame is ETH.