# Don't Midcurve ETH

*Author: Bankless*
*Published: Aug 12, 2025*
*Source: https://www.bankless.com/read/dont-midcurve-eth*

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Don't Midcurve ETH

  
  Published on Aug 12, 2025

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      NEED TO KNOW
    
    
  
  
Stripe & Circle L1s
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/08/Group-14---2025-08-12T133856.735.png)](https://www.bankless.com/dashboard)- **🤑 Stripe Is Building an EVM-Compatible Layer-1 for Payments. **Stripe has [teamed up](https://www.bankless.com/read/stripe-is-building-an-evm-compatible-layer-1-for-payments) with Paradigm to quietly develop the 'Tempo' blockchain.
- 💸 **ETHZilla Shares Surge After Peter Thiel Takes 7.5% Stake.** The Ethereum treasury firm’s stock [jumped](https://www.bankless.com/read/ethzilla-shares-surge-after-peter-thiel-takes-7-5-stake) more than 90% after fresh filings and treasury disclosures.
- 🟠** Circle Unveils Arc, Its EVM-Compatible L1 Blockchain. **The stablecoin issuer has [rolled out](https://www.bankless.com/read/circle-unveils-arc-its-evm-compatible-l1) a new blockchain that powers transactions with USDC.
📸**Daily Market Snapshot: **ETH is back above $4,500, Peter Thiel is buying more ETH treasury bags, Stripe & Circle are embracing the EVM, and price expectations are getting higher.

Prices as of 4pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $4.04T
       

  
    
    ↗ 1.1%
  

   
    
    ↗ 8.9%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $119,932
       

  
    
    ↗ 0.5%
  

   
    
    ↗ 5.6%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $4,509
       

  
    
    ↗ 5.1%
  

   
    
    ↗ 26.0%  

 

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OPINION

  
  

The Intranet & The EVM

  
  
   
     
     Bankless author: 
     
       [
       
Ryan Sean Adams](https://www.bankless.com/author/ryan)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/08/image---2025-08-12T123805.460.png)](https://www.bankless.com/read/the-intranet-midcurve)Yes, [Stripe](https://www.bankless.com/read/stripe-is-building-an-evm-compatible-layer-1-for-payments) and [Circle](https://www.bankless.com/read/circle-unveils-arc-its-evm-compatible-l1) EVM L1s are good for Ethereum.

Don't midcurve it.

In the mid-90s there was a similar midcurve – call it the *Intranet midcurve*.

The received wisdom at the time was that intranets were much more important than the Internet, and that the success of corporate intranets would come at the cost of the permissionless Internet. 

This wasn't just media FUD. Many of the big tech companies thought this, too.

Some headlines and quotes from the time:

- "Intranets Will Dwarf Internets” — BusinessWeek (Feb 25, 1996)
- “1995 was clearly the ‘Year of the Internet,’ 1996 is well on its way to becoming the ‘Year of the Intranet.’” — Internet Society (1996)
- “Market analysts are predicting that intranet growth, based on revenue, will leapfrog Internet growth by a factor of two between now and 2000.” — IEEE Computer (Jan 1997)
- “We believe there will be something like a 10-1 ratio of intranet to every Internet site in the federal government.” — Washington Technology (Sep 26, 1996).
- “The next step is the national intranet” — WIRED (Dec 2, 1996)
What ended up happening is, well, you know.

There was no fixed pie. It was win-win. And mostly, it was a win for the Internet.

Every corporate intranet accelerated the rise of the global Internet and a worldwide network of networks was born.

The open, permissionless, decentralized Internet protocol spawned businesses and apps that could never exist in the bowels of a corporate-controlled network.

Different use cases.

Every corporate L1 will connect to Ethereum. Doubly so if they're based on the Ethereum Virtual Machine (EVM) which these are. Many will become L2s.

A company ledger will never be the world ledger. 

Don't midcurve it.

Ethereum = world ledger 
ETH = world reserve asset

[Read on Bankless](https://www.bankless.com/read/the-intranet-midcurve)
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