| gm Bankless Nation,
ETH is back above $4,500 and holder enthusiasm is gaining steam. Today's Issue ⬇️ - ☀️ Need to Know: Stripe & Circle L1s
The fintech giants are building blockchains. - 🗣️ Opinion: The Intranet & The EVM
Ryan Sean Adams on midcurving Ethereum. - 💰 Premium Pod: Crypto Policy in U.S.
How Trump's 'crypto presidency' is going.
Sponsor: Frax — Fraxtal Ecosystem: Where DeFi Meets AI. . . . NEED TO KNOW Stripe & Circle L1s - 🤑 Stripe Is Building an EVM-Compatible Layer-1 for Payments. Stripe has teamed up with Paradigm to quietly develop the 'Tempo' blockchain.
- 💸 ETHZilla Shares Surge After Peter Thiel Takes 7.5% Stake. The Ethereum treasury firm’s stock jumped more than 90% after fresh filings and treasury disclosures.
- 🟠 Circle Unveils Arc, Its EVM-Compatible L1 Blockchain. The stablecoin issuer has rolled out a new blockchain that powers transactions with USDC.
📸 Daily Market Snapshot: ETH is back above $4,500, Peter Thiel is buying more ETH treasury bags, Stripe & Circle are embracing the EVM, and price expectations are getting higher. | Prices as of 4pm ET | 24hr | 7d |  | Crypto $4.04T | ↗ 1.1% | ↗ 8.9% |  | BTC $119,932 | ↗ 0.5% | ↗ 5.6% |  | ETH $4,509 | ↗ 5.1% | ↗ 26.0% | . . . OPINION The Intranet & The EVM Yes, Stripe and Circle EVM L1s are good for Ethereum. Don't midcurve it. In the mid-90s there was a similar midcurve – call it the Intranet midcurve. The received wisdom at the time was that intranets were much more important than the Internet, and that the success of corporate intranets would come at the cost of the permissionless Internet. This wasn't just media FUD. Many of the big tech companies thought this, too. Some headlines and quotes from the time: - "Intranets Will Dwarf Internets” — BusinessWeek (Feb 25, 1996)
- “1995 was clearly the ‘Year of the Internet,’ 1996 is well on its way to becoming the ‘Year of the Intranet.’” — Internet Society (1996)
- “Market analysts are predicting that intranet growth, based on revenue, will leapfrog Internet growth by a factor of two between now and 2000.” — IEEE Computer (Jan 1997)
- “We believe there will be something like a 10-1 ratio of intranet to every Internet site in the federal government.” — Washington Technology (Sep 26, 1996).
- “The next step is the national intranet” — WIRED (Dec 2, 1996)
What ended up happening is, well, you know. There was no fixed pie. It was win-win. And mostly, it was a win for the Internet. Every corporate intranet accelerated the rise of the global Internet and a worldwide network of networks was born. The open, permissionless, decentralized Internet protocol spawned businesses and apps that could never exist in the bowels of a corporate-controlled network. Different use cases. Every corporate L1 will connect to Ethereum. Doubly so if they're based on the Ethereum Virtual Machine (EVM) which these are. Many will become L2s. A company ledger will never be the world ledger. Don't midcurve it. Ethereum = world ledger
ETH = world reserve asset FRIEND & SPONSOR: FRAX The Fraxtal ecosystem is expanding at lightning speed—this month’s biggest highlight is IQAI.com, the newest Agent Tokenization platform from IQ and Frax. IQ is building autonomous, intelligent, tokenized agents launching on Fraxtal in Q1. Empower on-chain agents with built-in wallets, tokenized ownership, and decentralized governance—all within a fast-growing Fraxtal ecosystem. . . . PREMIUM The State of Crypto Policy In this episode of the Bankless Podcast, Peter Van Valkenburgh from Coin Center joins us to discuss the evolving U.S. crypto policy landscape, featuring his scorecard "Six Months of Crypto Policy: The Good, The Bad, and The Lingering Questions." We cover the SEC's positive shift, advancements in ETFs, and key legislation, while also addressing ongoing challenges like outdated regulations and prosecutions such as Tornado Cash. Tune in for essential insights into the balance between innovation and regulation in the crypto space. Listen to the full episode (for paying subscribers only!)👇 | 
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