My primary coverage at Galaxy has been Solana and Crypto x AI. About a year ago I started paying more attention to Ethereum as I saw real shifts in its technical direction and management. The past few months feel like a culmination of that reset: the Strawmap, the Mandate, the EF cuts, and now @ethlabs_org. A lot of people read this as a bad sign. I don't. - The @ethereumfndn is smaller and narrower, focused on the one thing it should be protecting: Ethereum's credible neutrality. - The Strawmap puts L1 scaling back at the center after years of chasing rollup-centric priorities. - And a new set of ETH-aligned organizations with funding and skin in the game is emerging to drive adoption (Ethlabs, @Etherealize_io @BitMNR, etc...) As @VitalikButerin recently wrote, this is Ethereum's "Third iteration." Now lets see some execution. Glamsterdam first.