🧠 Vitalik's Master Plan to Make Ethereum Great Again

Happy Monday dear subscribers! Today we’ll be talking about Vitalik's Master Plan!

In today's bulletin, we are covering:

• Surfing the Market, with analysis about the Big Caps Index and the SUI

• Don't miss the News about Layer 2 and Trump’s crypto moves

• METTALEX is under the spotlight.

• A short article about What is the Digital Assets Growth Multiple?

Focusing on the Big Caps Index, it retraced back to the main support and I'm tracking a potential Inverse Head & Shoulders pattern formation here. Really important support, will set the direction of the next week:

Bearish breakdown for SUI, not looking good. Expecting a further correction:

Unifying Ethereum: Layer 2s Push for Based and Native Rollups

Executives from major Ethereum Layer 2 solutions propose implementing “based” and “native” rollups to enhance network security, decentralization, and interoperability.

• Based rollups decentralize sequencing by moving the transaction ordering process to Ethereum’s base layer, improving security but slowing confirmation times.

• Native rollups enhance transaction execution on the base layer, increasing network composability and unification.

• Layer 2s like Arbitrum, Base, and Taiko may lose revenue from centralized sequencers but support FABRIC infrastructure for Ethereum interoperability.

• Economic trade-offs include reduced Maximum Extractable Value (MEV) revenues for Layer 2s but potentially increased ETH value due to more activity on the base layer.

• Taiko was the first to implement based rollups, leading efforts to address Ethereum’s fragmentation issues.

These changes aim to reduce fragmentation but may involve significant trade-offs, such as slower transaction times and reduced revenues for Layer 2s.

Trump's Crypto Moves Fuel $1.9 Billion Inflows into Global Crypto Funds

Global crypto funds saw $1.9 billion in net inflows last week, driven by President Trump's pro-crypto executive orders, including plans for a regulatory framework and a national digital assets stockpile.

• Trump's executive orders boosted investor confidence, including a directive to create a regulatory framework for digital assets and a pardon for Silk Road creator Ross Ulbricht.

• U.S. crypto funds dominated, generating $1.7 billion of the inflows, with additional contributions from Switzerland, Canada, and Germany.

• Bitcoin-based products led inflows, adding $1.6 billion globally and representing 92% of all net inflows in 2025.

• Ethereum funds rebounded with $205 million in inflows, while XRP, Solana, Chainlink, and Polkadot funds also saw significant investments.

• Despite high inflows, the market faced Monday sell-offs, with Bitcoin falling to $99,295 after briefly surpassing $109,000.

Bitcoin-based funds dominated the inflows, with U.S. funds leading globally, but early Monday sell-offs caused Bitcoin's price to drop below $100,000.

METTALEX

The Origins:

Mettalex is a decentralized trading platform that utilizes AI agents to facilitate trading of various digital assets. These agents are powered by Fetch.ai technology and operate on a peer-to-peer (P2P) order book system.

It was launched back in 2020 as a decentralized derivatives exchange (DEX) aiming to bridge the gap between traditional and crypto commodities. Enabling real-world DeFi with physical assets on a trustless infrastructure, starting with the metals sector (hence its name).

Currently innovating in DeFI with the incorporation of AI agents.

The Operative:

Mettalex uses Middleware Architecture enabling the platform** to interact with various blockchain networks, Fetch.ai’s agent framework, and external systems.** It's function is to ensure interoperability, scalability, and flexibility; making it a key component of the Mettalex ecosystem.

In order to provide seamless and direct agent-based trading to global markets, it's focusing in these key features:

• Decentralized Trading: The AI agents enable users to trade digital assets, including cryptocurrencies and commodities, without the need for traditional liquidity pools.

• P2P Order Book: The agents match orders and execute trades directly between users, minimizing slippage and ensuring that trades are executed at the desired price points.

• Fetch.ai Technology: Enables autonomous economic agents to learn, make decisions and perform tasks on behalf of users.

• User-Centric: The agents are deployed on users’ devices, allowing a more secure, private, and autonomous trading experience.

Summary & Competitors:

The main token of the project is $MTLX, currently has a market cap of $13.56M with 10.2% of the total 40M tokens circulating. The token plays a crucial role in the platform’s ecosystem; and its utility is expected to grow as the platform evolves. $MTLX holders will get access to premium features such as advanced trading tools, detailed analytics, and custom strategies requiring payment in $MTLX tokens.

For competitors, any other decentralized exchange platforms in the DeFi space can be included: Uniswap, SushiSwap, Curve, dYdX, GMX, Balancer, 1inch, Raydium, and a long etc...

The future of DeFi and DEX platforms is likely to be shaped by the incorporation of AI, which will enable more efficient, autonomous, and personalized trading experiences. Ultimately transforming the way decentralized finance operates and interacts with traditional markets.

What is the Digital Assets Growth Multiple?

When it comes to valuing a company and determining its stock price, there are many effective alternatives. However, these may not be fully suitable for cases like MicroStrategy ($MSTR), where its Bitcoin holdings far outweigh the importance of its core business.

The Problem

For $MSTR, the company's growth has been spectacular (>100% annually), driven by its Bitcoin acquisitions and the subsequent rise in $BTC prices. Traditional models (like the mNAV) do not account for this dynamic and, therefore, fail to reflect the company's true value.

In contrast, the mDAG model incorporates this critical metric, providing a more accurate picture of the company’s standing and market value.

What Is mDAG?

mDAG was developed in response to a new business model that requires an equally innovative valuation metric. Here's how to calculate it, simplified:

1. Calculate the Market Capitalization (MC) of $MSTR:

MC = share price * outstanding shares

2. Calculate the current value of $BTC holdings, called Total Digital Assets (TDA).

3. Divide MC by TDA to calculate the TDA Multiple (mTDA):

mTDA = MC / TDA

4. Calculate the 4-year trailing Compound Annual Growth Rate (CAGR) of the $MSTR share price (going back no further than the day before the first $BTC acquisition: Aug 10, 2020)

5. Add 1 to CAGR to arrive at the Growth Factor (GF):

GF = CAGR + 1

6. Finally, divide mTDA by GF to calculate mDAG:

mDAG = mTDA / GF

where: mTDA = MC / TDA GF = CAGR + 1

The fair price of $MSTR is at mDAG = 1Note: This calculation excludes MSTR’s core business, which is minimal compared to its BTC holdings.

Example

Here’s a step-by-step example using real $MSTR figures:

1. $MSTR price is $368 Outstanding shares: 183 million MC = 183M * 368 = $67.3B

2. $BTC price is $105,600 #bitcoin owned by #MicroStrategy: 461,000 TDA = 461,000 * 105,600 = $48.6B

3. mTDA = MC / TDA = 67.3B / 48.6B = 1.38

4. $MSTR price 4 years ago: 32.80 CAGR = (368 / 32.80) ^ 0.25 = 83.0%

5. GF = CAGR + 1 = 1.83

6. mDAG = mTDA / GF = 1.38 / 1.83 = 0.75

The fair price of $MSTR is 368 / 0.75 = $490 (32% higher than actual price)

Observations over the past 12 months:

• The median mDAG for MSTR was 0.95 (close to the ideal 1.00)

• It fluctuated between 0.627 and 1.357, showing relatively fair valuations but with extreme swings (overreactions)

• 32% of mDAG readings fell within the 0.95–1.05 range, indicating relative stability

Conclusion

Today’s calculation shows that MSTR is 32% undervalued, based on its BTC holdings. The recent decline in MSTR’s stock price, combined with BTC’s stability or growth, has moved mDAG away from the ideal 1.

This presents a potential arbitrage opportunity based on the model, though this is not a buy or sell recommendation.

Using technical analysis (TA), we might anticipate a further 30% correction in prices. Thus, the ideal approach is to combine multiple variables to make a more informed decision, considering all probabilities.

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