"Ethereum Is Going to Be a Behemoth” And Almost Nobody Is Positioned for It

Watch on YouTube ↗  |  August 29, 2026 at 13:00  |  15:06  |  Milk Road Macro
Speakers
Lucas Tcheyan — VP of Research, Galaxy Digital

Summary

Lucas Tcheyan explains why he turned bullish on Ethereum, citing an updated technical roadmap, accelerating institutional tokenization and real-world asset adoption, and underownership after capitulation. He also sees Solana as well positioned for AI agents, highlights Hyperliquid as a fundamental application, and expects DeFi token value capture to improve. The conversation covers AI agents, tokenized assets, and multi-chain fragmentation through 2030.

  • Lucas sees Ethereum's setup as similar to Solana after FTX, with a roadmap realigning around L1 scaling, privacy, and quantum resistance.
  • Institutional tokenization initiatives are accelerating, with much activity landing on Ethereum.
  • He calls ETHBTC one of the best trades and says Ethereum is underowned after widespread capitulation.
  • Solana is well positioned for AI agents and opened a San Francisco office to focus on AI.
  • Hyperliquid is highlighted as a chain with application-like fundamentals and a strong perps business.
  • He expects DeFi tokens to shift from "useless" to better value capture, with Uniswap as an early example.
  • The future multi-chain world likely remains fragmented, requiring interchain communication.
Ideas
Lucas Tcheyan VP of Research, Galaxy Digital 0:53
Ethereum is underowned and becoming behemoth.
Ethereum is in a post-capitulation, underowned setup similar to Solana after FTX. Its updated roadmap refocuses on L1 scaling, privacy, quantum resistance, and L2 interoperability; institutional tokenization and real-world asset initiatives are accelerating on Ethereum; and as AI agents and banks move on-chain, Ethereum's credibly neutral settlement layer becomes more valuable. He also calls ETHBTC one of the best trades.
ETH ETHBTC HIGH
Lucas Tcheyan VP of Research, Galaxy Digital 8:49
Solana is well positioned for AI.
Solana is well positioned on the AI agent front and has opened a San Francisco office to deepen its AI ecosystem presence. He also expects Solana to win some institutional on-chain activity even if Ethereum wins more of the tokenization trend.
SOL MED
Lucas Tcheyan VP of Research, Galaxy Digital 13:16
Hyperliquid has application-like fundamentals and growth.
Hyperliquid is a perps-focused chain with application-like fundamentals and a good business. He is looking at it as one of the fundamental applications that could outperform even if Ethereum is strong.
HYPE MED
Lucas Tcheyan VP of Research, Galaxy Digital 13:55
DeFi tokens gaining real value capture.
The market currently treats many DeFi tokens as useless with no value capture, but that is starting to shift. Early moves such as Uniswap are putting pressure on other teams, and he is looking for applications where management has a route to make the token a better claim on the underlying project's value.
DeFi tokens UNI HIGH
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This Milk Road Macro video, published August 29, 2026, features Lucas Tcheyan discussing ETH, ETHBTC, SOL, HYPE, DeFi tokens, UNI. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lucas Tcheyan  · Tickers: ETH, ETHBTC, SOL, HYPE, DeFi tokens, UNI