Hey, it’s Marc. This week is loaded with alpha – don’t miss our top under-the-radar macro signals at the bottom.

“On Zepeto, particularly when it comes to clothing and fashion, there’s a much higher propensity to spend on digital goods.”

— Barney Lynch, Account Director, GEEIQ

This week’s question:

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📚 Our Top Reads This Week

  • Report: The Dawn of AI Agents. 51x. Link

  • The Solana Thesis: Internet Capital Markets. Multicoin Capital. Link

  • State of Web3 Adoption Report 2025. 51 Insights. Link

  • The Tech Stack: A New Internet Architecture. Outlier Ventures. Link

  • Scaling Ethereum L1 and L2s in 2025 and beyond. Vitalik. Link

  • Electric Capital: 2025 Crypto Landscape. SBR. Link

  • TRUMP and Its Implications. TPAN. Link

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Ethereum is Missing Its Moment

The Ethereum community is buzzing with controversy following Vitalik Buterin’s update on the Ethereum Foundation’s leadership shakeup.

TLDR:

He wants to boost technical expertise, improve ecosystem communication, and support app builders to promote decentralization, privacy, and censorship resistance.

But here’s the real problem: 🤯

it’s too little, too slow, and far too disconnected from the realities of today’s market.

Ethereum has become a giant asleep at the wheel.

  • They missed the meme coin boom (love it or hate it, it drove massive adoption elsewhere).

  • They’re nowhere in AI tokens despite AI’s global takeover

  • Their marketing and PR? A ghost town. Where are the bold campaigns? The moves to onboard corporates, institutional investors, or mainstream users?