This is a segment from the 0xResearch newsletter. To read full editions, subscribe<\/a>.<\/em><\/em><\/em><\/em><\/em><\/em><\/p>\n As the holiday week wraps up, the spotlight has shifted to fundamental valuation concerns. Monad\u2019s mainnet launch, L1\/L2 valuation debates, and new details around Berachain\u2019s refund terms are driving most of the conversation. We also cover this week\u2019s top reads and the key takeaways from Monday\u2019s 0xResearch livestream to keep you plugged in.<\/p>\n <\/span><\/span><\/p>\n Crypto Is Priced for Network Effects It Does Not Have<\/strong><\/a><\/p>\n Santiago argues that crypto already trades as if it has Facebook-level network effects, with non-BTC crypto at a roughly $1 trillion market cap. This implies about $2,500 per broad user, $9,000 per active user and $23,000 per monthly onchain user, despite much weaker monetization and retention. He shows L1s are around 90% of market cap but their fee share has fallen from roughly 60% to 12% as DeFi and other apps capture most fees on a small share of value. That shift suggests real network effects sit in forkable aggregation layers rather than bases, and that while Ethereum and Solana are building stronger flywheels, the asset class is already priced for an internet scale settlement role it has not yet earned.\u00a0<\/p>\n To See Tether\u2019s Future, Look at Its Investments<\/strong><\/a> Four Pillars reviewed several Tether investments to argue that USDT\u2019s relentless growth and $135 billion Treasury portfolio shows Tether is building a digital financial empire. In capitalizing on MiCA friendly issuers in Europe, on- and off-ramps and wallets in several countries, and bets on BTC backed lending, bitcoin mining and gold royalties, Tether is stitching together global rails for USDT that serve both retail users and institutions. The piece concludes that instead of being weakened by regulation, Tether is becoming a too-big-to-fail onchain extension of the dollar system, with bitcoin and gold as strategic reserves.<\/p>\n Zcash\u2019s breakout and the revival of onchain privacy<\/strong><\/a><\/p>\n Coin Metrics\u2019 State of the Network argues that ZEC\u2019s nearly 10x rally since October is a repricing of onchain privacy. Shielded supply has climbed to 4.9 million ZEC, or about 30% of circulating supply \u2014 up from 11% at the start of 2025. It highlights how the Orchard shielded pool, unified address wallets like Zashi and crosschain rails (such as NEAR Intents) have lowered friction for partially shielded flows, even as fully shielded transfers remain a small share of activity. The report also frames Zcash as a bitcoin-like, 21 million cap asset whose improving UX, faster proofs and growing anonymity set are finally being recognized by the market.<\/p>\n Understanding SIMD-0411<\/strong><\/a><\/p>\n Pine Analytics walks through Solana\u2019s SIMD-0411 proposal, which doubles the disinflation rate from 15% to 30% so that inflation reaches the 1.5% terminal level in about three years instead of six. The proposal roughly cuts 22 million SOL of emissions, or about $3 billion at current prices. The piece contrasts this minimal parameter tweak with the more complex SIMD-0228 idea, arguing that a deterministic schedule is easier to model, govern and explain. It notes that slightly lower staking yields and pressure on weaker validators are worth the trade for less dilution, better capital efficiency and a stronger long-term monetary profile for SOL.<\/p>\n Takeaways from Monday\u2019s 0xResearch livestream:\u00a0<\/p>\n Look for the full podcast on YouTube<\/a>, Spotify<\/a>, Apple Podcasts<\/a> and X<\/a>.<\/p>\n Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" This is a segment from the 0xResearch newsletter. To read full editions, subscribe. As the holiday week wraps up, the spotlight has shifted to fundamental valuation concerns. Monad\u2019s mainnet launch, L1\/L2 valuation debates, and new details around Berachain\u2019s refund terms are driving most of the conversation. We also cover this week\u2019s top reads and the […]<\/p>\n","protected":false},"author":2,"featured_media":412645,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-412643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/412643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=412643"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/412643\/revisions"}],"predecessor-version":[{"id":412646,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/412643\/revisions\/412646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/412645"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=412643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=412643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=412643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Weekend Reading<\/h2>\n
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<\/span><\/span><\/p>\nMonad Mainnet, L1 Valuations, and Berachain News<\/h2>\n
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