Dan Smith
@smyyguy
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@BlockworksRes || @LightspeedPodHQ
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Pinned Tweet
I spent some time in the trenches with
@CelestiaOrg
data and have some random thoughts on what the future looks like👇
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The flippening is coming sooner than you think.
Let me explain...🧵
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I have to say it
Bitcoin runes are stupid
I farmed them, im playing it, they will get CEX listings, and im sure number will go up
But it is really, really stupid. Its a clear step backwards from what exists on any smart contract enabled chain today
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BREAKING: Uniswap Labs increased the fee on the swaps through the Uniswap Labs interfaces and expanded the set of fee-eligible trades
The new policy now charges 0.25% on all swaps through the UI and wallet, except stablecoin pairs and wrapping/unwrapping WETH
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Solana flipped Ethereum in MEV capture returned to validators
Pretty wild to see, long live Jito
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- The average "real user" sends under 50 txs per day with a failure rate of 8%, so around 1 in every 10 txs fails. 97% of addresses fall in this group, and they are collective responsible for 0.6% of total failed txs
- Any addresses that sends over 5,000 txs per day is clearly a…
🐂💩 Did
@CryptoHayes
say “the bullshit SolanaTPS” in this episode?
Yes, he did 🙊
🎧 Listen now:
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I've spent some time under the snow and came out incredibly excited about the future of Avalanche
They're doing all the right things to improve their tech. Seamless native interop, high performance vm thats customizable, reducing cost to launch chains
Subnet summer nears close
Subnets are undergoing a series of major upgrades that put
@avax
on its way to becoming the best platform for building performant, custom blockchains
- Interoperability with AWM & Teleporter
- Easy customization with HyperSDK
- Record-setting performance with Firewood and Vryx
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llmao Coinbase will soon be bribing for cbETH liquidity on Curve
More cash flow to CVX lockers
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Not emitting events is not "optimizing" it is a huge step backwards
I get that devs are incentivized to minimize gas consumption. There is a clear benefit for the usefulness of the contract
We already have one hell of a story to explain to regulators, and now we have to tell…
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Ethereum: Lets push literally everything offchain
Solana: We're putting 3 years of validator performance history onchain
Jito's StakeNet is really damn cool
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9,852 addresses claimed between $9.8k and $208k from the Jito airdrop today
All you had to do to qualify for tier 1 was play around with $40 onchain, and you walked away with $9,882 a few months later
This is a "bring people back into crypto moment"
Long live Jito
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Frax is now competing in the three most important subsectors of DeFi: Stablecoins, Liquidity, and Lending
- FRAX is the second largest decentralized stablecoin
- FraxBP is the deepest stablecoin pool
- Fraxlend launched yesterday
On pace to become the backbone of DeFi?
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Like it or not Avalanche has been cooking
They're very close to being the best place to launch a sovereign chain
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Avalanche now has its own ordinals called ASC-20s. A mint transaction costs ~90% less than the average c-chain transaction
In the last hour, ASC-20 mints were responsible for 96% of transactions with over 170k wallets minting ASC-20s
Why is the C chain currently kissing 100tps, is there some weird NFT thing or something?
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I’ve never seen cope like this in my life
What are we doing here
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Just tagged more
@CelestiaOrg
rollups! Most of the blob activity now comes from rollups rather than inscriptions
The
@conduitxyz
team has launched 5 new rollups on Celestia, and 4 are already in the top 10. Cool to see the RaaS vision come to life and grow the ecosystem
I spent some time in the trenches with
@CelestiaOrg
data and have some random thoughts on what the future looks like👇
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Stablecoin dominance continues to run higher and currently sits at 16.3% as investors flee risk assets for stability
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Just wrapped up a deep dive on Curve's new lending market and stablecoin
It completely redesigns the liquidation process, allowing for loosened of risk parameters which significantly improves borrower capital efficiency
LLAMMA will lead as the next bull run's source of leverage
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Im sorry
Solend does what
This is why
@solendprotocol
uses the SOL oracle for pricing staked sol assets. liquidity for staked sol assets can be shaky at times. everything running smoothly here.
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It's probably safe for the bulls to claim a full victory over Shapella. Even with 720.8k ETH ($1.5B) of partial rewards hitting the market:
- full exits seemingly peaked
- net INCREASE in total validators
- ETH price up, bigly
Full dashboard here:
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ETH borrow rates on Aave spiking to north of 35% 👀
Pre merge chaos kicking in
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Solana sustained total TPS (success+failed txs over time) is currently 30x higher than Base. If you only care to look at successful transactions, Solana successful TPS is 16x higher than Base.
Base is crushing, but it is not currently faster than Solana
Base is faster than Solana, zero failed transactions, has a sick wallet (Coinbase Wallet), and leverages the 100s of Millions of $ of ETH staked on mainnet for security on its L2. Why would you use anything else?
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There aren't that many charts that I check every single day, but this is one of them
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Ah yes, well of course we plotted our release schedule along a fraudulent y-axis
This way it will appear that we have a larger percentage of total supply in circulation and there is zero nefarious activity going on
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Wow, Avalanche continuing their aggressive push into gaming with MapeStory building a Subnet
Big win for them
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The reflexivity of leverage.
MakerDAO offers 50x leverage on Arrakis vaults sitting on Uniswap DAI/USDC pools. This pushed Arrakis into the top 10 in TVL.
1 user pulled $6M from a 50x vault, draining over $300M from Arrakis/Uniswap. 1 user controlled 1/3 of Arrakis TVL.
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1/
Bitcoin aims to become the global reserve currency.
Ethereum aims to become the infrastructure of a global digital economy.
The TAM of both visions is enormous, so the better comparison is the likelihood that either network gains respective market share.
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Has there been another DAO to distribute over $115M of yield (in stablecoins) to its token holders? I can't think of one
This is impressive by
@CurveFinance
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frxETH is the hottest LSD on the market
But how did
@fraxfinance
farm $260k of rewards while deepening frxETH liquidity?
🧵
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I just updated the historical gauge weight voting chart on our
@CurveFinance
@DuneAnalytics
dashboard. Data is beautiful.
Awesome visualization of different protocols battling for CRV emissions to incentivize liquidity.
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EIGEN will have a dynamic token supply
We have finally left the era of projects having a fixed token supply for absolutely no reason
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@KilgoreTroutKV
@OreSupply
It is basically bitcoin as a smart contract
- miners compete to solve puzzles and are rewarded for doing so
- puzzles use SHA3 instead of SHA256 like bitcoin
- each miner receives an individualized puzzle unlike bitcoin where all miners race to solve the same puzzle. all…
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3/
Ethereum has become the base layer of the largest dapp ecosystem and has the best economics in crypto.
The network currently has
- $24.6B in DeFi TVL
- $84.7B in stablecoins
In 2022, it facilitated over
- $1.2T of DEX spot volume
- $52.6B of NFT volume
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I am fully Eclipse pilled
Ethereum settlement optimizes for liquidity
SVM execution optimizes for efficiency
Celestia DA optimizes for cost
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This dashboard monitors the cash flows to ETH holders and stakers in REAL TIME.
Spoiler alert: PoS Ethereum is the most economically sound it's ever been. Holders aren't being diluted. Stakers are turning a profit.
The revolution will not be reported quarterly.
If you missed this Ethereum Asset Profile dashboard by
@blockworksres
......
You need to check it out
One of the best overview dashboards we've seen 📈
Covering:
- L1 Activity
- Financials
- Gas
- Staking
- Supply
- Contracts
& much more!
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Uni V3 blown out of range
3pool at 54% USDT
Its been real. We're gonna get a refresher on what that USDT redemption process looks like
Uniswap V3 liquidity profile not good either
If USDT price moves one tick lower, the pool has ~83% less available liquidity. This is at a price of 0.9995
Then more volume will flow through the rapidly diminishing 3pool liquidity
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We really launched infra to restake restaking tokens before a single AVS is live
Diabolical behavior
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?
When do we go all in on squiggles?
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There’s nothing worse than bridging to an empty chain on launch day, and there's plenty of examples to prove it
Blast redefined how to leverage incentives to attract users, accumulating $1.9B in deposits, which enabled them to attract builders. Devs want to build for users
Love…
Big Bang judging is COMPLETE.
3000+ teams started building on Blast during the competition.
We hand-picked 47 winners with help from
@Izebel_eth
@danrobinson
@0xfoobar
@_jaechung
@loomdart
@cl207
@caseykcaruso
@santiagoroel
@rewkang
@will__price
@Evan_ss6
Winners below👇
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Bonk Bot is doing insane numbers, and at this point in the cycle? Buckle up
Absolutely swallowed the bot market
BONK might just be a tech company wrapped in a memecoin after all
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its been an incredible 2 years at blockworks
somehow the next 2 look even more exciting
gm
Officially joined
@Blockworks_
as a Research Analyst‼️Incredibly pumped to be working with this team to produce DeFi focused crypto research
Expect more crypto tweets😈
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I expect Ethereum will overtake Bitcoin before the end of next cycle.
Ethereum trails by about $150B in market cap, but has Bitcoin right where it wants em.
Outperformance will be driven by the strength of its post-Merge fundamentals.
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Some will choose to hate him but idk, kind of a legend
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The improved economics of PoS Ethereum are increasingly obvious
ETH holders are green
ETH stakers are green
In a bear market
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If Solana does end up with L2s, it has an interesting opportunity to run everything through a single unified bridge contract and use the same zk circuits for all L2s. Would help alleviate some of the fragmentation pain
Learn from what the market has already done
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How am I supposed to be bullish on a world with one million chains when we haven't even mastered how to build one yet?
Bitcoin has a broken fee model, Ethereum still solving for scalability, Solana needs dev tooling and lower hardware costs, appchains need mature products
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Bitcoin has never generated meaningful transaction revenue relative to its security budget, heavily subsidizing security with block rewards.
The current model is unsustainable, weakening its likelihood of becoming the global reserve currency.
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On the bright side, there is very little unhealthy leverage in DeFi right now. No meaningful liquidations on ETH and WBTC until $800 and $13,000.
We really just get to sit back and watch billionaires brawl in real time
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I’m biased but
@0xResearch
is the best podcast in town
The next 3 interview episodes are all bangers
-
@samkazemian
-
@mcutler
-
@gregosuri
And the analyst only episodes are on fire. Up only from here
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Watching to see how AVAX outperformance impacts c-chain activity
Rotate into avalanche memecoins? NFTs? Bridge off the chain?
Will say something about the red coin and the state of the market
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If I was a new fast L1 I would pay Ethena whatever it cost to port USDe onto my chain
This thing is powerful enough to kickstart defi activity on Cardano
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ahhhhh
@flipsidecrypto
decoded logs tables are live
They store all events in one table, so filtering on contract and event name is incredibly easy and still quite fast. So far my testing has all been accurate
Probably the best free ETH SQL tool at the moment🫡
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But analyzing the revenue composition reveals the underlying issue... Bitcoin heavily subsidizes security with block rewards.
95% of Bitcoin miner rewards are from inflationary block rewards, while just 5% are real revenue from transaction fees.
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Spotted a huge uptick in Optimism gross margin (L2 fees - L1 data costs)... is this a meaningful shift in demand for Optimism blockspace?
The move coincided with a huge jump in contract deployments
and an uptick in base fee as a percentage of total fee
So there's clearly an…
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If an onchain economy actually gets built around ORE, it will be one of the funniest things that has ever happened in this space
Long live
@HardhatChad
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They put bitcoin on solana...
/s
Gm minoooors! Want to give an update on the launch, some public/inside stats, and share where my focus is at the moment
🧵
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Just for context, here's what these blocks look like on a success vs failed transaction basis
Looks quite similar to failed transaction patterns by bots, but hard to say without having looked at the txs yet
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Aave pushes GHO to testnet then looks to lock its CRV as veCRV, increasing the synergies between the protocols
Stablecoins need deep liquidity and GHO is no exception. Curve is the path of least resistance
I'm in favor of option 1, its a no brainer given Aave already holds CRV
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I have run the numbers
good numbers
just wait until you see the forward looking numbers
better numbers
1. $JTO Airdrop Claim Opens Tomorrow! 🗓️
The airdrop claim window will open on December 7th, 2023 at 11am ET (Token Generation Date).
Any eligible airdrop recipients will be able to claim their JTO tokens for 18 months, starting on the Token Generation Date.
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I will continue building out this dashboard with more Celestia data too.
Staking data up next 👀
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sDAI coming to the Curve lending market
sDAI is poised to be a highly in-demand onchain collateral as the RWA trend continues its up only trend
As new assets are listed, crvUSD growth has been strong. LLAMMA is proving to be the best venue for leverage on crypto assets
Very important vote. Not yet stableswap-ng (which is in audits), but a quick update (vyper version mostly) for battle-tested stableswap implementations with rebased and rate-oraclized tokens. Biggest change is upgrading the Vyper version
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Frax's two token model is working: sfrxETH yield is currently 6.39%, which is 33% higher than stETH yield
Peg is strong as well. Dipped to 0.995 shortly after launch before recovering 1.0
TVL hit $55M in ~2 months
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2 more Fraxlend pairs were just launched 👀
Looks like users can soon borrow FRAX against CRV and CVX
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It's all so tiresome
Yes, another vlCVX unlock is coming
No, it's still not going to 0
🧵 Let's run it back
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We built a new
@DuneAnalytics
dashboard to track protocol specific metrics for
@ConvexFinance
Our goal was to build a tool to monitor the yield on $vlCVX with all key data points (and the historical data) housed in one place
@DuneAnalytics
@ConvexFinance
3. Governance
Users must vote lock $CVX tokens to receive governance rights, and $vlCVX holders are responsible for directing Curve and Frax voting rights.
Our dashboard tracks the APR of vlCVX, number of CVX locked, upcoming unlocks, and more.
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The amount of braindead takes in the replies is astonishing. The interface fee goes to Uniswap Labs to fund the operations of the team building out products around the protocol... Or in this case, fight a lawsuit with the SEC on behalf of the entire industry
If you do not want…
BREAKING: Uniswap Labs increased the fee on the swaps through the Uniswap Labs interfaces and expanded the set of fee-eligible trades
The new policy now charges 0.25% on all swaps through the UI and wallet, except stablecoin pairs and wrapping/unwrapping WETH
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Bitcoin doesn't support smart contracts, so BTC is the only form of value that can exist on the network. Users must pay fees to transfer BTC in every transaction.
So fee generation relies on the velocity of BTC, yet users are self-described as hodlers...
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Might mess around and launch crypto’s most powerful [redacted] platform at Permissionless
Blockworks Research will be making a BIG announcement at Permissionless.
Let us know if your team is planning on announcing something at Permissionless 👇
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Sui zkLogin and sponsored transactions are everything account abstraction wants to be
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Frax has farmed over $134M of liquidity incentives using its AMOs.
Zooming in on just the frxETH AMO, April farming revenue is on pace to crack 250k and set a new ATH by month end (including unclaimed rewards).
Full dashboard 👇
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In contrast, ETH is used as money to transact within a digital economy.
Users pay fees to transfer ETH, stablecoins, and other tokens or to interact with DeFi applications.
Ethereum expands the possible actions from just sending, receiving, and holding BTC.
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Feels good man,
@Lightspeedpodhq
is white hot right now
- A heater with
@CraigBurel
drops tomorrow
- The weekly roundup with
@0xMert_
and
@jon_charb
drops Thursday
- Polygon Episode with
@_bfarmer
and
@0xMarcB
drops next tuesday... they brought the spice
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For a more detailed justification, read my expanded thoughts below 👇
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Just dropped a dashboard that tracks LSD volumes across major DEXs
Post shapella, I expect to see continued LSD adoption, so the DEXs that dominate onchain volume will capture this new stream of trading fees. Full dashboard here➟
Lets dive in 🧵
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Has anyone done the math on how many rollups need to post data to Celestia for it to be economically viable?
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Binance now has 5.9% of the voting weight in Uniswap.
But how will they vote with it?
🧵 The bull and bear views
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frxETH farming rewards surpass 187k in February, an increase of 35% from January
100% of these rewards are used as liquidity incentives (via Convex bribes), providing stability to the frxETH peg
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Takeaways
- Minimal demand right now, but this is a non-issue. The team nailed RaaS integrations
- Fees are probably a long-term issue. Where will sustainable demand come from?
- First-price auctions are inefficient, Manta is proving why
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Given the timing, I assume this to help build their warchest for the impending battle with the SEC
I will blast a few swaps through their frontend to support the cause 🫡
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Get in the van kid
The tech is improving
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I work for a real company mom I swear
LinkedIn just published their Top 50 Startups:
Blockworks at 31 😤
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Frax founder
@samkazemian
joined us live to map out the future of the protocol
TLDR: Frax is poised to be the first DeFi protocol to complete the trinity
Oh and the Fraxlend codebase dropped mid space…
Join our team today at 5pm ET as
@0xpibblez
and
@smyyguy
chat with
@samkazemian
about upcoming developments for
@fraxfinance
, including Fraxlend and fraxETH.
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This continues to be the most underdiscussed development in DeFi
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PoW is energy intensive by design. It's great for security, but it creates forced sellers as miners need to offset their production costs (electricity).
Even with low inflation, 95% of miner selling is newly minted BTC since there is little to no fee generation.
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Dividing 2022 into pre-merge and post-merge eras shows how Ethereum solved the inflation issue with validator revenue diversification.
After the Merge, Ethereum validators earned 62% real revenue from transaction fees, ETH burn, and MEV payments.
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@CurveFinance
new wstETH LLAMMA sees significant borrow demand, leading to crvUSD sell pressure as borrowers lever up
crvUSD peg drops below 1.0, so pegKeepers withdraw debt to support the peg (also generating veCRV revenue)
love to see a system working as designed!
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Just spent an hour talking to
@reginatto
I'm doubling down on this... CCTP is the most exciting innovation in multichain infrastructure. It marks the start of a new paradigm
@0xResearch
episode drops next week
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Baselana pod is hot off the press!
Absolute pleasure talking with
@jessepollak
on why
@base
has dominated Ethereum L2 activity in the post-Dencun era
He's also a standup guy and I have nothing but respect for him, this is not one to miss
Damn it's been a whole week since the last episode of Lightspeed!
Fear not..
New episode with the one & only
@jessepollak
out now!
+ a few spicy questions from
@0xMert_
of course
We discuss:
- The Base roadmap
- The layer 2 end game
- L2 & L3 interoperability
- Base fee…
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