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This is Ethereum. There are 291 projects, companies, protocols and communities in this image. It is still only a fraction of what has been built. What makes this remarkable isn't just the scale. It's how that scale was created. There is no parent company behind all of this. No CEO allocating capital across these projects, no central entity deciding who gets to build or what the ecosystem should become. Thousands of independent teams, communities and individuals have built their own piece of Ethereum, often with completely different goals, while sharing the same underlying infrastructure. Finance, credit, stablecoins, payments, RWAs, privacy, identity, gaming, social applications, infrastructure, culture and public goods are increasingly becoming parts of the same composable economy. That structure matters. Value isn't concentrated in one company at the top. It is distributed across protocols, builders, users, communities and assets. Yet they can still reinforce each other because they share Ethereum as common infrastructure. And underneath that economy sits ethereum:native. ethereum:native secures Ethereum, pays for its blockspace and is used throughout the ecosystem as collateral, liquidity and money. As more applications, assets and economic activity settle on Ethereum, the economic role of ETH grows with it. This is why we believe ETH remains heavily undervalued. The market often looks at ETH as another crypto asset. We look at what is actually being built around it. 291 logos in one image, with many more still missing. And most of the world's people, assets and economic activity haven't even moved onchain yet. Ethereum is no longer just an experiment in decentralized technology. It is becoming an entire economy, built by many, owned by no one, with ETH at its core. BOOElieve in the future of Ethereum and ethereum:native