This is a high-level explainer of the Ethereum transaction supply chain and market structure. It aims to set the stage for readers unfamiliar with these topics before using deep on-chain data to quantify the transaction supply chain and its key players in our forthcoming research series. See also the thematically structured glossary below.

$ARX, Arcium's network token, is live, with listings on Upbit, Bitget, Coinbase, Kraken and further exchanges. Greenfield backed Arcium in 2023 and has been operating an Arx node from day one of their testnet to help the team launch its encrypted supercomputer: a decentralized network that lets anyone compute on fully encrypted data – data that no one, not even the nodes doing the computing, can see. A token launch is a good moment to step back, revisit why we invested in privacy in the first place, and explain why we believe our original thesis has not just held up, but compounded and what it means in practice to back a network like this, not just with capital, but by also operating blockchain infrastructure.

Last year, we shared our predictions about what could shape the year ahead. This time, we’re taking a different route. Rather than claiming to know what the future holds, we want to share what we hope to see: a 10-point wishlist of ideas, problems, and products we’d love founders to take on in 2026. By anchoring these reflections, we gain a nuanced understanding of where the next set of meaningful opportunities may emerge across Infrastructure, DeFi, and Consumer – and in how evolving regulation will shape the ground beneath them.

Throughout history, stores of value earned trust by being useful first – land fed people, cattle worked fields, gold enabled trade. Bitcoin, worth over $2.2T, has value but little utility. BitcoinOS (BOS) changes that, making bitcoin programmable, productive, and connected to real economic activity. We’re excited to have led their $10M strategic raise, which was announced last week ahead. With $BOS now listed on major exchanges including Binance and Kraken a new chapter begins – one where bitcoin finally works for the world, not just waits.