Ethereum Will ‘Likely 100x From Here,’ Says Joe Lubin

Ethereum co-founder and ConsenSys CEO Joseph Lubin ignited ETH discourse on August 30 with an unusually expansive thesis concerning the community’s financial and institutional trajectory, arguing that Wall Street will migrate its core infrastructure onto Ethereum rails and that ETH “will seemingly 100x from right here,” in the end “flippen[ing] the Bitcoin/BTC financial base.”

“I’m 100% aligned with nearly all of what Tom @fundstrat says right here,” Lubin wrote, earlier than mapping out a future during which main monetary corporations “stake, run validators, [and] function L2s/L3s,” construct DeFi publicity and “write good contract software program for agreements, processes and monetary devices.”

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He singled out JPMorgan as a financial institution already steeped in Ethereum know-how since “2014–2015.” “The one quibble that I’ve with what Tom has been saying… he’s not practically bullish sufficient,” Lubin added. “But the true downside is that it isn’t potential to be bullish sufficient.”

Lubin’s Big Plans For Ethereum

Lubin additionally tried to puncture a preferred narrative about scaling tradeoffs, contending that “the narrative of L2s cannibalizing L1 will very quickly be shattered.” He pointed readers to Consensys’ Linea community and a newly public “Proof-of-Burn” initiative as examples of coordination mechanisms that would strengthen Ethereum’s base layer economics fairly than dilute them.

The second leg of Lubin’s thesis centered on tokenizing Ethereum’s burn right into a transferable primitive dubbed BETH, launched final week by the Ethereum Community Foundation (ECF). In follow-up posts, Lubin prodded the ecosystem to “dig into all of the ramifications of tokenizing and explicitly accounting for burned ETH,” even floating a playful incentive experiment: “Would you burn a little bit of ETH for [a @BanklessHQ] episode? … Would a few of you ship a few of that BETH to @BanklessHQ?” Beyond media stunts, he sketched potential demand sinks and governance makes use of: “Would there be a rising demand for BETH because it takes on signaling and voting energy in many alternative contexts?”

Under the ECF design, BETH is an immutable ERC-20 that mints 1:1 when ETH is provably destroyed. The contract forwards deposits to the canonical burn tackle and points BETH to the depositor; provide equals cumulative burned ETH by development, with no admin keys and no redemption path again to ETH. This makes burn—not issuance—the productive act that yields a brand new asset representing alignment with shortage. The reference implementation and contract tackle had been printed by ECF alongside a weblog explainer.

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Lubin then speculated on by-product layers which may emerge on high of BETH—“BBETH, BBBETH, and so forth.”—as context-specific belongings. He analogized this to early “coloured cash” on Bitcoin, with a important distinction: these “shades of BETH” would reside natively in Ethereum’s token requirements and tooling, eliminating the off-chain recognition downside that stymied first-generation experiments. “One might consider [BBETH/BBBETH] as a extra refined component of ‘cracked ETH’… extra scarce,” Lubin wrote, suggesting video games and different constrained economies as potential testbeds.

The near-term market framing got here by way of Fundstrat’s Tom Lee, whose newest public commentary has been notably constructive on Ethereum’s institutional arc. Lee has argued that Wall Street’s operational stack is migrating to blockchains, that ETFs and staking rails present investable wrappers for compliance-first capital, and that Ethereum may very well be the “greatest macro commerce over the subsequent ten to fifteen years.” Lubin, for his half, mentioned the 2 “get on calls intermittently” to coordinate technique in areas of overlap whereas “competing in extremely differentiated methods.”

At press time, ETH was buying and selling round $4,399.

Featured picture created with DALL.E, chart from TradingView.com