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Can ETH's market cap reach $1 trillion? What about $100 trillion?

The latter sum might sound like a moonshot, yet if we stack up what's happening across Ethereum right now, the conditions needed for that level of dominance are seemingly slotting into place.

Let's catch you up on what I mean, more below in today's op-ed.

— Peaster ✍️

Sponsor: NEAR — Your money is your business. Confidential swaps across 35+ chains. near.com.

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NEED TO KNOW

Hunter Biden’s $LAPTOP Comes Tomorrow

1. 💻 Tomorrow, Hunter Biden will launch $LAPTOP on Base, with airdrops for TRUMP losers and subscribers alongside a prediction mechanism that burns tokens based on real-world outcomes. Be careful.

2. 🔮 Robinhood announced a minority stake in Crypto.com and OG.com while adding OG’s regulated exchange as another source of prediction markets alongside Kalshi, ForecastEx, and Rothera.

3. 💳 Visa shared it’s bringing onchain lending into stablecoin card settlement, with Credit Coop providing issuers credit lines to cover daily obligations as Visa’s stablecoin settlement volume tops a $20B annualized run rate.

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ANALYSIS

ETH Is Lining Up for Trillions

Bankless Author: William Peaster

Can ETH become a $100 trillion asset, as 1confirmation's Nick Tomaino has suggested?

Sure, it's a dream worth believing in, both for the potential upside and for what it would mean for the world that Ethereum, as a credibly-neutral DIY engine for basically anything online, has achieved that level of adoption.

And while we still may be many years away from such hypothetical heights, it does seem that the things that need to happen to pave the way for ETH dominance are indeed happening.

Ethereum has already proven itself "best by test" among smart contract platforms over +10 years in production, but it's still making major technical improvements that will make it realistically capable of supporting billions of blockspace-buying users.

For instance, Ethereum's got vertical L1 scaling with gas limit increases, blob increases, etc. It's got horizontal scaling with L2s. It's got UX advances like frame transactions, which will usher in native account abstraction, or like FOCIL and keyed nonces, which will actualize private transactions natively on mainnet.

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— (@)

As David wrote above, the big idea is that these sorts of strides can lead to "more Ethereum commerce → higher Ethereum dominance → more ETH bought and burnt."

That said, if technical progress happens and no one's around to care, does it matter? This is why major enterprise adoption of Ethereum is so crucial. Every company that builds on Ethereum supports ETH's commerce flywheel, but they also serve as beacons to other institutions. This tech matters, this tech can be useful.

For example, Robinhood is the biggest mobile trading app in the world, and their Robinhood Chain L2 has fielded an incredible activity surge and become the fastest growing, most profitable network in all of crypto in just a couple of months.

That's naturally great for Robinhood, and it's good for Ethereum and ETH, and the success will inspire other big companies to hash out their own Ethereum adoption strategies. But this L2 is also just one domino, one beacon. We've seen many other enterprise embraces in recent weeks, too, and all of them are becoming gravity wells for Ethereum in their own ways.

— (@)

The range of these experiments is incredible, suggesting it's not far-fetched to think that one day a huge swath of the banking system will operate atop Ethereum and ETH.

What will help in that regard is continued regulatory clarity. And while the literal Clarity Act is already rumored to be doomed the U.S., it's far from the end-all, be-all here. The SEC's new Regulation Crypto Assets framework alone can be a huge catalyst for bringing more capital markets to Ethereum, which would naturally have many second-order effects.

So we have big technical unlocks, big enterprise embraces, and big regulatory tailwinds. Taken together it's nothing to sneeze at. And mind you, again, that these are exactly the kinds of things you'd want to see if you're betting that ETH's market cap will reach the trillions. It's not a crazy bet, I say.

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Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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