I agree with most of David’s points here. ETH remains one of the most important assets and infrastructures in Web3. But I don’t think ETH needs to be “revalued” into a gold-like monetary premium asset. Regulatory clarity, institutional adoption, DeFi, RWA, stablecoins and L2s can all be positive for Ethereum — but ETH’s valuation still needs to come back to value capture, network revenue, collateral demand, settlement demand, and real usage. For context, I also sold all my ETH — not because I think Ethereum is irrelevant, but because I don’t see the current case for a structural re-rating of ETH as an asset. ETH does not need to be "as good as gold” to be valuable. It can be valuable enough as core on-chain financial infrastructure. I wrote more on this here:

Impressive interview with CZ on TBPN. 🎬 Key takeaways: 📖 The Story: Reflections from his new book on the early days and the future of the industry. 🤖 AI & Infrastructure: How AI will become a primary user of crypto for global, permissionless payments. 📈 Prediction Markets: Their evolution into a powerful mechanism for "Truth Discovery" via price. For those looking to dig deeper, here is the full version: 🔗 #HashGlobal# #Web3# #Crypto# #AI# #CZ#

We are proud to announce that our institutional version of the BNB Yield Fund — BNB Holdings Fund — has received a $100 million strategic commitment from YZi Labs @yzilabs . This latest investment marks the formal transition of BNB into a structurally advanced stage of institutionalization. As KK @longwinsk Founder of Hash Global, noted: “BNB’s institutionalization should not be viewed merely as portfolio inclusion, but as a structural alignment between capital and ecosystem development. The ecosystem co-building model is the defining feature that differentiates BNB from other digital assets”. BNB’s institutional era enters a new and substantive phase! Full details here:👇 #BNB# #Web3# #HashGlobal# #YZiLabs#

Our BNB Yield Fund (BNB策略收益型基金) backed by @yzilabs is a secure and efficient gateway for all kinds of institutions to the BNB ecosystem, offering cost-effective and highly liquid access to its yield opportunities. We are creating a closed-loop model and a value flywheel: institutions contribute to ecosystem growth while benefiting from it by investing in BNB through our BNB Yield Fund. More announcements will be made after the Spring Festival holiday.

Inspiring afternoon co-hosting "The BNB Blueprint & Institutional Thesis" with @yzilabs and @KGIAsia At Hash Global, our mission remains steadfast. We are dedicated to: 1️⃣Driving the institutional evolution of the BNB ecosystem by supporting high-quality projects and infrastructure.🚀 2️⃣Bridging the worlds of Traditional Finance (TradFi) and the Web3 economy to create a more inclusive financial future.🤝 Looking forward to the next collaboration with @YziLabs! 🚀

Proud to highlight @LorenzoProtocol as our key partner in the @BNBCHAIN ecosystem. Through tokenization, this collaboration connects on-chain liquidity and composability with the liquidity and yield opportunities of centralized platforms, unlocking new ways for Web3-native users to participate in the BNB ecosystem. Backed by @yzilabs , we’re excited to continue exploring the long-term value of BNB and the growth potential of the broader ecosystem. 🚀

Happy to see PolyFlow, one of our portfolio companies, bringing a fully composable PayFi payment gateway to @BNBCHAIN — in collaboration with @circle and @GeoswiftLimited. Turning on-chain assets into real, global payment rails is a key step toward PayFi’s real-world adoption. Excited to support PolyFlow as it unlocks new use cases across payments, AI agents, and on-chain commerce. 🔶 #PayFi# #BNBChain# #Web3Payments# #Portfolio# #HashGlobal#

We are honored to be recognized in the latest report from @yzi_labs. Thank you for highlighting our BNB Yield Fund as one of the key solutions for investors to access the growth potential of BNB. Web3 finance needs the power of traditional finance to achieve healthier and more sustainable development, We are committed to building the bridge bewteen Web2 and Web3 financial ecosystems. Let's keep building！ #BNB# #Web3# #TradFi#

Congrats to @HashGlobal(our partner&investor) on launching the First Compliant BNB Yield Fund with @yzilabs & @KGIAsia. We’ve just released the latest AI-powered analysis report on the $BNB ecosystem:

Excited to have the support of @yzilabs for our First Compliant BNB Yield Fund — bridging TradFi capital with the fast-growing BNB ecosystem. We see BNB’s role in Web3 as pivotal, much like Nvidia’s in semiconductors. With partners like @KGIAsia, we’re making secure, liquid, yield-driven products accessible to more investors. 🤝 👉 Learn more:

Hash Global has released its latest research paper, “Valuation Methodology for Value-utility Tokens”, introducing the core concept of Value-utility Tokens for the first time. 📊 The study focuses on identifying tokens with both intrinsic value support and real use cases, and establishes a systematic valuation framework. Using BNB as a case study, it provides a quantitative perspective for long-term value assessment by analyzing its economic model, on-chain applications, and valuation logic. 📌 Key Highlights: 1️⃣First to define Value-utility Tokens, emphasizing both value capture and functional utility. 2️⃣Innovative valuation system combining the monetary equation with the DCF model — focusing on usage value and intrinsic returns, unlike traditional technical analysis. 3️⃣ In-depth BNB case study covering its deflationary model, ecosystem drivers, and on-chain usage, with mid-to-long-term valuation references. The model has been preliminarily validated by the market since its first release in 2019.✅ 📖 This paper is a result of Hash Global’s long-term research efforts, aiming to provide a replicable and practical valuation methodology for the industry. 🔗Full report: 👉