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ETHChiangmai Future Summit| Ongoing in Chiang Mai, Showcasing Two Months of City-Scale Ethereum Practice

The ETHChiangmai Future Summit is currently underway in Chiang Mai, marking a key moment in its two-month-long "city-scale" Ethereum practice initiative that began on December 8, 2025. Prior to the summit, a five-day hackathon attracted over 120 developers, resulting in 44 projects and $11,500 USDT in prizes. Project themes included DeFi, privacy and ZK technology, decentralized identity (ZK Card), public goods, local collaboration, and art and cultural experiments, showcasing diverse technical and social explorations within the Ethereum ecosystem. ETHChiangmai adopts a collaborative approach—living, learning, and building together—integrating hackathons, unconferences, reading groups, and ongoing community activities to explore how Web3 can operate long-term within a real urban and local context. The Future Summit serves as a reflective pause in this continuous experiment, rather than a conventional conference. Morning sessions focused on "Zuzalu as a method" and "Cypherpunk as a practical survival skill," discussing future societal structures and the real-world implications of "permissionless." Afternoon discussions delved into Cosmolocalism (local construction × global collaboration), education, governance, and featured hackathon project demonstrations, examining Ethereum’s evolving role in coordinating individuals, organizations, and communities. ETHChiangmai aims to present an alternative to short-term events by treating Ethereum as an ongoing social practice—where technology is applied, tested, and shaped collectively within a local context.

marsbit02/03 07:22

ETHChiangmai Future Summit| Ongoing in Chiang Mai, Showcasing Two Months of City-Scale Ethereum Practice

marsbit02/03 07:22

Is CRCL Expensive Now? Calculating Circle's Stock Price Using the DCF Valuation Model

**Title: Is CRCL Expensive Now? A DCF Valuation Analysis of Circle's Stock** **Summary:** This analysis uses a discounted cash flow (DCF) model to estimate the fair value of Circle (CRCL) stock, focusing on its USDC stablecoin business. Key assumptions include: USDC circulation of $70 billion by end-2025, growing at an average annual rate of 15% from 2026 to 2035; a 2.5% average benchmark interest rate; 38% gross margin; fixed operating costs of $500 million in 2025, increasing 10% annually; 24% effective tax rate; 10% discount rate; and a terminal PE multiple of 20. The fully diluted share count is 275 million. The model calculates EBITDA as interest income (USDC circulation × interest rate × margin) minus fixed costs. Free cash flow (FCF) is derived after taxes. The present value of explicit FCF (2026–2035) is $2.282 billion, and the terminal value (2035 FCF × 20) discounted to 2026 is $7.138 billion. The total enterprise value (EV) is $9.42 billion, implying a fair stock price of $34.25 per share as of January 2026. Sensitivity analysis shows that if USDC growth averages 20% annually, the fair value rises to ~$62 per share, suggesting potential margin of safety at current prices (around $62 in early February 2026). However, short-term volatility, forced sellers, and leverage risks are highlighted. The model is conservative, excluding other revenue streams (e.g., Circle’s emerging products like Arc chain) and emphasizing USDC’s growth and competitive sustainability as key variables. Historical USDC growth (2020–2025 CAGR ~76%) is noted but not assumed to continue. The conclusion underscores the need for evidence-based conviction to withstand market noise. *Note: This is a thought experiment, not investment advice.*

marsbit02/03 06:06

Is CRCL Expensive Now? Calculating Circle's Stock Price Using the DCF Valuation Model

marsbit02/03 06:06

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