In Tension: Regulatory action has narrowed investor focus to the blue-chip digital assets. The price of native tokens for the Bitcoin and Ethereum networks held up remarkably well while the broader ecosystem sold off. Meanwhile, developers are too busy grappling with dissolving lines between the two largest blockchains to think much about price. Irreverent contributors, far outside the core Bitcoin community, have substantially changed the network in 2023. Inscriptions, Ordinals, and BRC20s have introduced non-money use cases by writing data to the blockchain in ways that rhyme with Ethereum's mission statement. It has caused renewed debate and instigated a fresh generation of innovators and mischief-makers, much to the chagrin of purists. In contrast, Ethereum's recent and rapid change is driven from inside the protocol development leadership. Co-founder Vitalik published an overview of critical factors: scaling, privacy, and automated wallets. One surprising highlight – future payment applications could draw heavily from Bitcoin techniques. The Ethereum co-founder helped start Bitcoin Magazine in 2011 and continues to draw inspiration from the competing network's progress. It is a reminder that tribalism creates artificial separation. For builders in search of solutions, it is noise. In turn, Bitcoin Inscriptions have pushed Ethereum developers to rethink their approach leading to the recent launch of Ethscriptions. While capital preservation is on the minds of investors, next-generation use cases are emerging from the productive tension between our two largest decentralized networks. We can’t wait to see what happens next.