if you held through this in April 2025, i want you to know that you are a mf’ing legend in my book it was one of the darkest periods with the greatest psyops i’ve ever seen in Ethereum’s modern history absolutely insane don’t ever let anyone tell you that you got lucky

Announcement: As of today, Immutable Play is now open to all games, including those from web2. The first studio to join will be @Ubisoft. When we launched Play last year, our goal was to solve the biggest problem for games: growing an audience. Since then, we’ve scaled to +5.6m wallets, and helped dozens of live games find their users. As we’ve grown, so has the demand from web2 games. These studios spend over $300B a year on pre-launch UA, and seeing how much more efficient and retentive our rewards strategy is, they’ve inevitably wanted to get involved. Now they can. From today, all games that meet our quality bar can reward their users through Immutable Play. This will give our players access to some of the biggest franchises in the world. It will bring their multi-million user bases to our ecosystem, where they'll discover our existing games. Every game that uses Immutable Play is one step closer to adopting Passport, creating NFTs and launching a token. This is how we “soft onboard” the next 10,000 games from web2. The first step is Ubisoft, with their 200 million UbiConnect players. And there is so, so much more to come.

The reality: if your business builds a siloed L1, you’re cutting yourself off from the broader tokenized economy on Ethereum 🌐 Stablecoins on your L1 will want to flow into DeFi, dapps, RWAs — not stay trapped in your walled garden. Everyone makes more 💰 building within Ethereum’s network effects.

I very rarely talk about short-term price action, as I almost exclusively hold long-term convictions. However, this moment in time might represent the biggest disconnect between fundamentals and price that ETH has ever seen. The amount of information we now have about where this is all heading is so overwhelmingly insane that it’s absolutely mind-boggling to me that the market hasn’t caught up to it. higher. soon. ETH is inevitable.

ETH treasuries are on a speedrun. They now own roughly as much ETH supply as Bitcoin treasuries owned in BTC in October 2024. That was shortly before BTC treasuries went rampant — and we all know what happened to the BTC price then.