The 0xResearch newsletter has highlighted ongoing valuation challenges in the cryptocurrency sector, focusing on debates surrounding Layer 1 and Layer 2 valuations, Monad’s mainnet launch, and Berachain’s refund terms. Santiago argues that cryptocurrencies are valued as if they possess Facebook-level network effects, despite lacking strong monetization and user retention. In related developments, Tether is reportedly building a global financial infrastructure with its $135 billion Treasury portfolio, according to Four Pillars. Meanwhile, Coin Metrics notes a rally in Zcash, driven by increased recognition of onchain privacy, as its shielded supply has risen to 30% of circulating ZEC. Additionally, Pine Analytics discusses Solana’s SIMD-0411 proposal, which aims to accelerate disinflation to 30%, potentially reducing emissions by $3 billion. The need for new chains to capture more economic activity through native applications was also emphasized, particularly in light of Monad’s low total value locked (TVL).