Summary The bigger story in the month, in our opinion, was Ethereum’s “Shapella” hard fork which enabled full withdrawals from the Ethereum staking smart contract and created a long-term competitor to U.S. T-bills with an equivalent yield but a declining supply. Because Ethereum is not really a business, we identify revenue as an activity where tokens are used in Ethereum’s core business - the provision of immutable, decentralized computing through the sale of blockspace. Metaverse tokens continued to underperform compared to ETH in April, with APE’s price down 5% and MANA and SAND prices down 7% and 8%, respectively.
