Protocols buying back their tokens Under $50M market cap: SILO - Silo Finance GEAR - Gearbox NATIX - Natix Network $50M-$500M market cap: KAITO - Kaito HOME - DeFi App DBR - DeBridge AEVO - Aevo $500M-$1b market cap ETHFI - EtherFi SYRUP - Maple Finance RAY - Raydium DYDX - dYdX >$1 billion market cap: HYPE - Hyperliquid AAVE - AAVE LINK - Chainlink PUMP - Pump Fun JUP - Jupiter SKY - Sky Any other good projects I'm missing?

A few hot takes on ETH: 1. Suspicious of the accounts who bull-posted ETH daily during an 80% ETHBTC bleed and are now doing victory laps after a 20% retrace. That’s not good trading. 2. If you bought the lows on ETH recently, congrats - that is good trading. 3. ETH market cap is too high for a long-term ETHBTC investment thesis, but the DC narrative tailwinds make it a solid short-term trade. 4. There’s a ton to be bullish about with Base, but no natural reflexivity back to mainnet ETH holders - unclear how to value that. 5. ETHBTC chart looks phenomenal - just broke a four-year downtrend. Can’t be ignored. 6. Institutional infra building on ETH is finally gaining real momentum. Feeds the short term narrative but it’s not good enough to set it and forget it for the long haul. 7. Solana still feels like it’s still in the thick of a memecoin meta, which helps ETH. 8. ETH and SOL share a large portion of the same investor base - capital just sloshing between narratives and ETH has the better one (for now…)

if you want to keep your money this time around remember that ETH rn is a momentum trade not money

This feels cherry-picked. Ethereum is clear #1 on capital-related metrics (e.g. TVL) and developer-related metrics. But it's no longer clearly #1 on *end users* (even if you include L2s). Just look at metrics like: 1/ Revenues (from tx fees) 2/ DEX volume Competition from chains like Solana and BNB Chain is stronger than ever.

NGL, it feels better when the #1 top ETH holder position is disputed between Joe Lubin and Tom Lee than when it was disputed between Justin Sun and Richard Heart.