The most important Ethereum chart I'm keeping an eye on right now.

It shows Ethereum's fees (green) vs token incentives (pink).

We can see that in Sept. of 2022, Ethereum's token incentives dropped off a cliff. This happened when the network moved to proof of stake.

And it

Top 5 fastest growing L2s (based on 7d change in Bridge deposits):

1. Linea +49.6%
2. Metis🌿 +42.1%
3. Kroma (✳️_✳️) +38.0%
4. Scroll 📜 +36.1%
5. Manta Network (🔱,🔱) #MantaCeDeFi +33.1%

A must read by Token Terminal on the #Ethereum business model.

I quoted 3 key passages if you wanna skip reading the whole article (though it really is a must read) 🧵

$ETH 🔥

tokenterminal.com/resources/week…

Top 5 fastest growing L2s (based on 7d change in Bridge deposits):

1. Linea +49.6%
2. Metis🌿 +42.1%
3. Kroma (✳️_✳️) +38.0%
4. Scroll 📜 +36.1%
5. Manta Network (🔱,🔱) #MantaCeDeFi +33.1%

⚖️🏦 How do regulators and TradFi work with onchain data?

We’re still some ways out from regulators actually incorporating onchain data more actively in their workflows.

The adoption might start from tracking token ownership (cap tables), as we’ve seen with e.g. the BUIDL money

⛓️🔢 How does onchain data affect investor reporting and protocol accounting?

▪️ Onchain data is a necessary component when constructing blockchain and application P&Ls and KPI reports. The most relevant metrics vary across chains: financial metrics are more relevant for mature

🌊 How should investors think about ETH value accrual?

3⃣ As a rule of thumb, the L1 asset of a given ecosystem tends to accrue the most value. Ideally, the native asset shares in the network’s economics, is used as money to pay for fees, and as a reserve or collateral asset in

Is the Ethereum L2 sector a ‘winner takes most market’?

As most market sectors in crypto, the Ethereum L2 sector is likely to be a ‘winner takes most market’.

However, it’s difficult to assert whether the winners are already in production today or yet to be launched.

The L2

Will the Solana ecosystem eventually adopt L2s?

Solana’s publicly stated goal is to scale on the L1. The protocol’s founders have, so far, not been pushing for L2s.

However, some application developers and investors have talked about the opportunity for L2s on Solana.

We can

💰 Alternative paths to L1 value creation: Ethereum Foundation vs. Solana

▪️ Blockchain revenue: transaction count * avg. fee per transaction (incl. MEV). This means that it’s possible to achieve a great economic outcome also with low transaction fees, assuming the chain facilitates more

Analyzing the state of crypto. By utilizing on-chain data, let’s see which protocols and DApps performed the best this past week. 👇

Daily active users (unique fee-paying addresses) for Bitcoin, Tron, BNB Chain, Ethereum, and Solana.

Tron (45%) and Solana (17%) have gained market share over the past two years, whereas Bitcoin, Ethereum, and BNB Chain have lost.

💼 What is BTC’s role in the investor portfolio?

⛏️ In contrast to PoS chains and applications, where tokenholders share in the protocol’s economics, only miners earn revenue in the Bitcoin network. More onchain activity, more revenue for the miners.

🏦 The increased economic

Onchain summer is heating up…

“@Base now processes well over 1M transactions per day and accounts for nearly 50% of all transactions related to SocialFi.

Base is also now officially the biggest contributor to Uniswap’s growth (Uniswap has 3.4M MAUs; 1M are from Base).” –

🛗 How should investors categorize the different Bitcoin L2s?

3⃣ There are 3 different types of Bitcoin L2s: merge mined chains (BTC L1 miners also mine the L2), L2s that use the Bitcoin L1 for DA (similar to Ethereum L2s), and sidechains (other chains wrapping BTC).

👥 There

📈 What are the impacts of a growing Bitcoin ecosystem?

🔸Traditionally, crypto cycles are driven by wealth creation among BTC holders. After a certain USD denominated profit level has been reached, investors start to look for diversification and alternative yield opportunities.

🏦 How have asset managers adopted the Bitcoin spot ETFs?

▪️ The BTC spot ETFs are among the fastest growing ETFs in history.

▪️ The current buyers, which have now become public as a result of SEC filings, represent US asset managers with an aggregate AUM of $8 trillion or 25%

Why are we building on Base 🛡️ ?

We couldn't explain it better if we tried...Props to Token Terminal for such a thorough analysis of Base 🛡️.

Stay based, Avanteer.

x.com/tokenterminal/…

Coinbase is creating a template for financial service providers on how to compete in the next iteration of the internet.

My views on how Base 🛡️ is strategic for the next 10 years of growth for Coinbase (and why others should be paying attention):

1. 'Onchain is the next

🧮 How should investors construct blockchain P&Ls?

▪️ One mental model for most blockchains in the market today is that they’re Series A/B startups. This means that they’re not necessarily expected to be profitable, but instead optimize for rapid growth.

▪️ Ethereum as the most