Spencer Noon 🕛
@spencernoon
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Founder @OurNetwork__ ✘ Angel Investor
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Vision for OurNetwork 2024 –
From 2019 - 2024
@ournetwork__
has grown into the industry leading community-led crypto analytics newsletter. We've published 200+ issues, from 400+ contributors, to 30,000+ subscribers each week.
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i don't care about ur crypto, boy
not at all not even 1 bit, coin
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Watch the real estate market.
My neighbor is an
@Airbnb
super host.
She is on forums with other hosts.
Many of them have 10+ mortgages.
0 guests are booking their properties.
They are running out of cash.
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I just found out Gen Z is calling the 80s and 90s the “late 1900s”
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PayPal settled $936 billion in payments last year
Ethereum settled $1.5 trillion in transactions just last quarter
This figure is also growing exponentially
PayPal marketcap is $310 billion
ETH marketcap is $263 billion
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11 signs $ETH is going to blow past its all-time high 👇🏼
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$ETH not finished until it’s the most valuable asset in the world.
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#2
: Ethereum settles $30.5 billion worth of value per day, far more than Bitcoin and every other blockchain -- to put this into context, PayPal settles ~$2.5 billion daily.
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BREAKING 🚨
Anonymous founder of
@SushiSwap
sells all of his $SUSHI 🍣
WHO COULD HAVE POSSIBLY PREDICTED THIS?!
People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration.
@SatoshiLite
did that and Litecoin had no problem surviving.
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BREAKING:
@VitalikButerin
announces the next $ETH milestone after The Merge will be The Surge, where Ethereum will be upgraded to process about 100,000 transactions per second "according to the math" 🫡.
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Read this 🧵 to go from 0 to 100 on stablecoin designs and risk 👇
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It’s time for $ETH to decouple from $BTC and the rest of the market.
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If you are new to crypto, here is the
#1
piece of advice I can give you:
BUY A HARDWARE WALLET
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Ethereum is too expensive for humans
Ethereum is cheap af for institutions and DAOs
This is the $10 trillion bull case that I’m betting on
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$AAVE just onboarded $460M in TVL to
@0xPolygon
in the past 24 hours -- buckle up
#DeFi
is scaling 🤠
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Coinbase's current market cap is 18,200x higher than its original funding round by YCombinator in 2012.
Meanwhile, every single retail investor who purchased $COIN on the day of its direct listing is losing money on their investment.
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I survived the crypto bear market of January 11th 2021
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@milanavalmont
@cz_binance
Prove it.
The median cost of transfer on ETH over the last 24 hours was $6.68, and the highest transfer fee on ETH over the last few hours was $84.75.
h/t
@alex_kroeger
@DuneAnalytics
@ETHGasStation
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Public blockchains with more than $5,000 in fees over the last 24 hours:
- Bitcoin ($381,525)
- Ethereum ($48,662)
That's it.
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To outsiders, a crypto investor's day to day is totally bizarre:
+networking on Telegram
+engaging on Twitter
+scouring forums like Reddit
+reading blogs
+going to meet-ups/events
+watching Youtube videos
But these are actually the best ways to gain an info edge and deal flow.
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The $SOS token distribution was just about as naive as you can get. Airdrops based primarily on transaction volume (ETH DAI USDC) mean whales/wash sellers have a disproportionate share of tokens, i.e. the top 100 holders own 74% of supply. Noble mission but truly community-owned?
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Imagine rooting for the bank that banks 40%+ of all US tech startups, run by our country’s brightest entrepreneurs, to go under because you’re so lost in the political sauce. Seeing the mainstream media/Wall St./DC reaction to SVB’s collapse tells me today is a dark day indeed.
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As a crypto VC who's been doing this for years, I literally cannot think of a worse early-stage stablecoin team than the US Government.
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#9
:
@0xPolygon
is currently doing ~1M daily txs and has onboarded numerous
#DeFi
blue chip projects, including
@AaveAave
which has >$2B in liquidity there -- disproving the "Ethereum can't scale" narrative.
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#1
: Ethereum dwarfs every blockchain in terms of fees paid, with a current run rate of nearly $7 billion -- confirming massive demand for $ETH block space.
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Like this message if you want a list of the NFT accounts I have notifications turned on for
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If it wasn’t clear it is now,
@0xPolygon
is not f*cking around. Monster acquisition. $MATIC
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At its current price of $710, investors can still buy $ETH for more than 50% off its previous ATH.
Considering (1) how correlated BTC and ETH are historically, and (2) how BTC has already surpassed its ATH, it’s arguably the best risk-return right now in crypto.
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It’s becoming increasingly clear that (1) the ETH move from $1800 to $1000 was the result of a large forced seller and (2) the majority of forced selling is behind us. Cautiously optimistic we’ve found a local bottom.
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Ethereum displayed again yesterday why it’s the only battle-tested L1 for
#DeFi
. A fully solvent decentralized financial system with barely a hiccup during extreme volatility to the downside. $117B in total value locked on $ETH today - I predict that # will be >$1T in 5 years.
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Some personal news: I’m joining
@variantfund
, where I’ll be teaming up with
@jessewldn
and crypto entrepreneurs building The Ownership Economy!
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It feels to me like $SOL is going thru a similar trough of disillusionment as $ETH did back in 2018. In bear markets prices aren't just reflexive—sentiment is too.
@solana
has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.
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Just got back from Moscow and *holy crap* the subway system blows away New York City.
1. Perfect city coverage
2. Gorgeous - stations decorated with fine art
3. No congestion - trains every 40 sec
4. Easy navigation - platforms have one type of train
5. Affordable - $0.85/ride
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Coinbase just released its Q1 2021 estimated earnings:
- 8.75 yrs old
- 56M users
- $223B in assets
- $335B trading vol
- $730-800M net income
Here's
@Uniswap
(figures queried in real-time on-chain):
- 2.5 yrs old
- 1.25M users
- $6B TVL
- $92B trading vol
- $276M net income
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This $ETH dip will seem small in hindsight someday when we hit $10T marketcap ($82K per coin). Not joking around.
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Highly recommend spending 3+ weeks in Europe
You will have a completely renewed appreciation for how good we have it here in the states
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The next billion crypto users are coming in on mobile, and yet the majority of web3 today runs on desktop.
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Sharing some bittersweet news today: I have made the decision to step down from Variant.
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Looks like we are going to see a great migration back to EVM chains like $ETH and $MATIC in the coming months. As L1 prices dump, the weaknesses of non-EVM chains (lack of infra, tooling, resources, devs, etc.) comes into sharp focus. Have spoken to multiple teams moving back.
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3 months away from EIP-1559 and $ETH is barely above its 2018 ATH by crypto standards. Just let that sink in.
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When ETH eventually flips BTC, it will be because mechanism design is more powerful than a meme.
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Just in case it wasn't obvious. It's time to be irresponsibly long $ETH.
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If you’re only reading books recommended by industry peers (e.g. Sapiens)—you have no edge.
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A 62% tax rate means you’re working for the government from 9:00am to 2:00pm, then only for yourself until 5:00pm.
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Extremely impressed with
@0xPolygon
and the pace at which its ecosystem is developing.
We need more analyst eyes on it. Anyone up for covering it in this week's
@OurNetwork__
?
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No one will ever be able to convince me that
@Square
refusing to support Ethereum (in addition to Bitcoin) isn’t dumb. It’s the most head-scratching crypto strategy we’ve ever seen from a big corporate, and that’s saying something...
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I find many web3 enthusiasts think Solana is the
#2
most used smart contract platform, but the data doesn't support that.
Pictured Left: Solana
- Avg. 180K Daily Active Users
Pictured Right: Polygon
- Avg. 270K Daily Active Users
*Active user = Sent a tx
**7-day moving average
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BTC on Ethereum is a 10x better experience than BTC on Bitcoin
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For every RT this gets I will divulge one Twitter account I have notifications turned on for
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Yesterday we dropped a crash course on web3 data science with 15+ hours of lectures—FOR FREE.
🔗
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We are now reaching the point in the cycle where people tell you how to value $ETH. The truth is, no matter how hard they try to pattern match an old methodology or appeal to their authority, no one really knows how to value it. The world has never seen an asset like $ETH before.
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There is a narrative out there that NFT whales are flipping jpegs and dumping on retail, like bad actors were doing in 2017 with shitcoins. But when you dig into the on-chain data it becomes clear the opposite is true: this is one of the most epic land grabs in crypto history.
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CME futures volumes on Day 1
$BTC → $4.7mm (2018)
$ETH → $31mm (2021)
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I expect GRT to pull a SOL at some point
It’s been slept on for far too long
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Imagine if $ETH holders directly benefited from all of this insane
#DeFi
activity — how high would the price of $ETH be then?
Examples:
- receive a cut of all
@UniswapProtocol
trading fees
- receive a cut of all
@iearnfinance
vault fees
Oh wait...
I just described EIP-1559 🤯
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Interesting to compare the recent mega raises of the SC platforms:
Polygon - $450M
Solana - $314M
Avalanche - $230M
Numbers don't tell the whole story but directionally a good proxy for institutional interest
This makes sense to me,
@0xPolygon
has the most mainstream awareness
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This $ETH rally:
Institutional. Spot driven. American. That is a trifecta making me think it might 4k szn soon.
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I have no idea how to value $ETH. What I do know is that it's an unprecedented asset that secures an unprecedented network and unlocks unprecedented use cases. Don't fall for superficial historical analogs from "experts"—it's false precision. Get comfortable with the uncertainty.
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#10
: Finally, in less than 3 months(!), the EIP-1559 upgrade will be activated, likely resulting in hundreds of millions worth of $ETH being burned each year -- this is a massive catalyst for $ETH value capture and its overall fundamental investment case.
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Dear crypto payments startups,
No one wants to spend Bitcoin. Period.
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20 pro-level security tips that every crypto investor needs to follow 👇🏼
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Just saying: Coinbase ownership pre-listing was virtually impossible to come by unless you were an employee or a VC. Even the secondary mkt was on lockdown. I’m so excited about
#DeFi
bc *all* users can become owners & build generational wealth from Day 1—not at $100B valuations.
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ngl today was the first time i ever called my senators
you should too, seriously, it takes 2 minutes
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Time Between
#DeFi
Milestones
$100 million locked: 160 days
$500 million: 495 days
$1 billion: 263 days
$2 billion: 146 days
$3 billion: 20 days
$4 billion: 4 days
h/t
@defipulse
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$LOOKS trading at a $6B valuation
@opensea
just did a round at $13.3B
The moral of the story is...?
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For the people downplaying
#Eth2
Phase 0 launch: YOU. ARE. BUGGING. This isn't the same as launching a new network no one uses. This is a $45B network securing billions of $ in assets. It's like launching a rocket. Every milestone is enormously hard. The first one is the hardest.
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1/17. The price of ETH is +8% in the past 7 days. Are we in for a bigger move?
Let's have a look at the fundamentals. Thread:
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Fastest-growing
#DeFi
protocols since June 1
1.
@BalancerLabs
+86% user growth
2.
@CurveFinance
+60%
3.
@AaveAave
+32%
4.
@compoundfinance
+29%
5.
@1inchExchange
+27%
6.
@UniswapProtocol
+26%
7.
@synthetix_io
+14%
8.
@KyberNetwork
+14%
9.
@dydxprotocol
+11%
10.
@SetProtocol
+10%
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I’ve never seen more institutional FOMO in crypto than I’m seeing right now.
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#3
: Ethereum has 625k daily active addresses (90-day MA) -- a figure that continues to climb and now sits comfortably at ATHs.
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Google searches: DeFi vs. ICO
We are still *so* early 🚀
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$YFI just unlocked degen yield farming for anyone in the world who holds $ETH regardless of their technical ability.
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I have a feeling it's about to be the craziest weekend ever for NFTs
Charge those laptops up pretty sure wagmi
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Everyone is talking about the next crypto bull market.
I don't want another one.
Because in crypto bull markets, everything goes up, including shitcoins.
I want a market where only the coins with strong fundamentals outperform their peers.
Is that too much to ask?!
😜🚀
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