MAJOR KEY

Today, we're launching the world's first Ethereum Valuation Terminal: the first science-backed way to value the second-largest blockchain. The terminal is built on a demand-side fee flows model that called ETH’s direction right 76.4% out-of-sample. The working paper behind it is currently under review at Management Science. It is the first fundamentals-based valuation method for Ethereum without incorporating its own market price. This achieves to entirely bypass the usual fiat-denominated market price circularity, rendering the model truly first-principles. The implied fair value metric is available in the terminal in real-time. Further, it includes additional features such as projection scenarios, on-chain data, custom chartbook features, automated alerts, briefings and many more. Users even have access to “Keystone”, an AI agent as research-analyst that handles the entire terminal, monitors every metric and creates automated done-for-you workflows. The era of guessing what ETH is worth is over. #ethereum #eth #crypto #markets #research

Reading Ethereum by its price per coin is the wrong method if you want to know whether the network is being used more or less. We read it the way you read a country: per head. A country's GDP grows as the country grows. Divide it by the people and you see whether each person produces more or less. Ethereum's supply changes too: new ETH is issued, some is burned. So we take all the fees paid in a day, in ETH, and divide them by all the ETH there is. Fees per coin. We call it Flow Intensity. Both sides are in ETH, so the ETH price goes in and comes out again. In the 30 days to 26 Sep 2026: 158.68 ETH of fees a day across 122.24M ETH, about 1.30 ETH per million ETH a day (MAJOR KEY data). The GDP comparison is an analogy: Flow Intensity measures fees paid, not output produced. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Ethereum's own architect said the rollup plan no longer makes sense, so reading Ethereum through that plan is the wrong method. In 2021 Ethereum was too expensive to use. The fix everyone backed: move the traffic to rollups, side blockchains that settle on Ethereum. The rollups took the traffic. From 28 Aug to 26 Sep 2026 they paid about 0.04% of Ethereum's fees (MAJOR KEY data). On 3 Feb 2026 Vitalik Buterin wrote that the original vision of L2s no longer makes sense and that a new path is needed. His reasons: rollups decentralized more slowly than expected, and the base layer can scale itself. The new path: the main chain grows. The gas limit, how much work fits in one block, sat at 30M from Aug 2021 to Feb 2025. On 15 Oct 2026 it was 60M. About 200M is being tested, not set for mainnet. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Ethereum isn't a company, so reading it with a company's method is the wrong method. "Crypto" is five different things, not one. Which one is Ethereum? A coin with a frog on it and a network holding billions in digital dollars share the same word. Our category map splits it into five boxes: Bitcoin: the one everyone already understands. Memecoins: no business, no fees, no product. On-chain businesses: valued like a company, from their cash flows. Company-operated networks: run by a company, like Base from Coinbase. Standalone digital economies: nobody owns them, and nobody can switch them off. Ethereum sits in the last box. It is the least understood, because it is not a company, so the usual way to value one does not fit. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Ethereum gets cheaper on purpose, which changes the method for reading it. So what do you measure? The developers keep making Ethereum cheaper to use. So how high the fees are says little on its own. What we read is the change: how fast fees rise and fall against Ethereum's own normal. Above it, the network runs hotter than normal. Below it, colder. That moves in phases, like an economy through its business cycle: expansion, slowdown, contraction, recovery. The clip shows the last year, 28 Sep 2025 to 26 Sep 2026. No forecast, no assumption about the price. Only public data on what people pay to use the network. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Ethereum began with an old finance question. Why is sending money not as free as sending a photo? A photo reaches Nigeria in a second, for nothing. Sending $200 abroad costs $12.72 on average, and more through a bank. Source: World Bank, Q3 2025. Money is not really a thing. It is a line in a bank's ledger. Paying someone abroad means changing two lines, and the bank keeps the record. Online, copying is free. Copying a dollar and spending it twice is fatal. In 2009, Bitcoin let thousands of computers hold the same record and check each other. Six years later, Ethereum asked: what if that shared record could also run programs? @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

The most boring product in finance is on Ethereum. In March 2024, BlackRock launched a money market fund on Ethereum. The fund holds short-term US government debt. The investor gets a token instead of a line in a brokerage account, and the interest arrives as new tokens in the wallet. The product is the same. What changes is the plumbing: a share settles in seconds, even at 3 in the morning on a Sunday. Tokenized funds, bonds and other real-world assets on Ethereum: $16.5B. On BNB Chain, the next largest: $5.7B. Source: rwa.xyz, 24 Sep 2026. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Ethereum fees got so expensive that almost nobody could use the network. But the blockchain itself did not crash. In May 2022, Yuga Labs tried to sell land that only exists online. They created Bored Ape Yacht Club. Everyone tried to buy at the same second. The news that week said Ethereum crashed. It did not stop for a second. The chart in this clip shows 0 hours of downtime since July 2015. That means hours when Ethereum produced no blocks. Other blockchains on the same chart did have downtime. @LDuennes with Pascal Hügli (@pahueg). Full conversation and the slides: majorkeycapital.com/question… This is research, not investment advice.

Is Ethereum the biggest bubble in finance, or are we reading it with the wrong method? This is the $330B question: because all the $ETH is worth exactly that, but yet the network took only in about $193M in fees over the year before. That is roughly 1,700 times its yearly fees. Valued like a company, that number makes no sense. Our founder @LDuennes and Pascal Hügli (@pahueg) spent 70 minutes on whether a network should be valued like a company at all. Full conversation and the slides here: majorkeycapital.com/question…