Welcome to The Gwart Show! Today, Ethereum bull Ryan Berckmans joins us to dissect Ethereum's current strategy and why he believes it remains on the right path despite recent challenges. Ryan explains the "hub and spokes" L1+L2 model, arguing that communication failures—not technical problems—damaged ETH sentiment. He breaks down why L2 growth combined with L1 scaling will drive Ethereum toward becoming a multi-trillion dollar asset, how blob fees will generate significant revenue, and why Solana's success doesn't threaten Ethereum's long-term dominance in the institutional market.

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# Notes:

• L2s like Base hit 100M+ in Bitcoin-backed loans

• World L2 has 12M verified humans with 25M accounts

• Ethereum plans to scale to 48 blobs per block

• Current blob usage at ~80% full (2.4 per block)

• Rollups may pay ~30% of revenue for blob space

• Median user fees could remain at ~$0.01 with scale

Timestamps:

00:00 Start

00:22 Who is Ryan B?

01:12 Why bullish on ETH?

06:38 Failure to communicate

11:01 Is this a pivot?

18:32 Justin Drake is bad at PR

24:31 Lido

28:05 Solo staking

31:50 It's all SOL's fault

33:03 Vitalik changing narratives

35:14 Thoughts on Solana

44:03 WHY NGU now?

48:50 Blobs need to pay up

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