senate banking committee votes on the CLARITY Act tomorrow 10:30am ET. the staking carveout defines staking as "administrative or ministerial activity," not a security. LDO, RPL, and EigenLayer go from legally ambiguous to explicitly protected if this passes committee. $31b in liquid staked ETH has been trading under regulatory overhang since the SEC started targeting staking in 2023. bill has bipartisan support, yield issue resolved, white house targeting july 4 signing. 100+ amendments filed but the staking language survived every draft. the entire liquid staking sector is priced for uncertainty that could evaporate in 24 hours

Everyone being giga bullish on a project before its launch usually means that it won't be a great long trade. I am thinking about stuff like Monad, EigenLayer, Berachain The huge upside has been captured in the private market. Then it launches at high valuation, and the only thing you can do is provide exit liquidity for all the people that got in on the private market. Think about the highest ROI tokens we've had, ever. They have never been giga hyped before launch, right ? Then of course, this all depends on launch valuations. Hyped projects that launch in shitty conditions could become good longs ( $ZRO, $ZK ?). But a general rule for me is that overhyped projects won't give interesting upside.

Standard Chartered initiated ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 coverage today with a $100 target by 2030 (a 40x from current levels). This is the first token-specific price target to come out of a DeFi thesis they published in October 2025. In October they published "DeFi 101", a framework for how DeFi disrupts TradFi, built around five categories on one chain: → Lending, led by Aave and Compound → Liquid staking, dominated by Lido → Restaking, led by EigenLayer → DEXs, led by Uniswap → RWAs Concluding also that the vast majority of DeFi disruption this is likely to happen on Ethereum. Today they quantified the macro behind that framework: → Tokenised assets active in DeFi grow 37x by end-2030. → $2.7T locked in DeFi. →Tokenised RWAs reach $2T in market cap by 2028. →ETH reaches $ 40k by 2030. UNI gets the first target because DEXs are the most immediate TradFi integration point as tokenised assets move onchain. But the October report was explicit that lending and RWAs are "the key areas where DeFi protocols can disrupt TradFi", with democratised borrowing against tokenised assets as the central use case. If Standard Chartered follows its own framework, the remaining four categories each have a dominant protocol already previously mentioned. ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 in lending, ethereum:0x5a98fcbea516cf06857215779fd812ca3bef1b32 in liquid staking, ethereum:0xec53bf9167f50cdeb3ae105f56099aaab9061f83 in restaking.

"so you staked your ETH on the Ethereum blockchain to earn yield?" "yes, Dave" "except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?" "that's correct, Dave" "and Lido gave you a liquid staking receipt token called stETH in return?" "yes, Dave" "and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?" "you are correct, Dave" "and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?" "you got it, Dave" "and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry" "you are 100% correct, dave" jfc.