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Mar 24 • 6 tweets • 8 min read
1/ @Arbitrum's $ARB airdrop took center stage this week, but it wasn't the only development in the L2 space or crypto 👀 .

@eshita, @Saypien_, @chasedevens, @0xallyzach, @Old_Samster, and @sunnydece break down the key developments for the past week.👇🧵
2/ @Immutable hopped on the rollup train, announcing its partnership with @0xPolygonLabs on a zkEVM instance.

Like the @optimismFND Stack and the Superchain, @Arbitrum Nitro and Orbit, and @zkSync and the Hyperchain, Polygon may be developing the next interconnected ecosystem.
3/ Following @Arbitrum's airdrop announcement, “Airdrop farmers" quickly moved to the next opportunities.

Attention has been directed towards two upcoming Layer-2 solutions: @zksync and @Starknet, both of which have yet to release a token.
4/ @MagicEden becomes the first large-scale #NFT marketplace to launch on #Bitcoin.

Currently, the platform supports #Ordinal's secondary market, with the potential to add support for inscriptions (minting).
5/ For the full recap including @synthetix_io Perps V2 launch, @RenderToken's move to @solana, @tensor_hq gaining NFT market share, and more, check out the full Pro report from @eshita, @Saypien_, @chasedevens, @0xallyzach, @Old_Samster, and @sunnydece.
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More from @MessariCrypto

Messari Profile picture
Mar 24
1/ Building on the idea that the key driver for value for a blockchain’s native token is the demand for security from its users and applications (Expected Demand for Security Model) 👇

@kunalgoel asks what drives this demand for security and if there is a way to quantify it?🧵 Image
2/ Typically, the largest asset every blockchain secures is its own native asset.

This logic provides a straight line of security equilibrium but is, unfortunately, circular, as the demand, supply, and price are all derived from the same asset and are perfectly reflexive. Image
3/ We look to other agents that generate a high demand for security:

+Blochchain's Largest application
+Centralized stablecoin supply

Although not as large as the native asset, these agents may provide a floor to the network value in case the native asset is under pressure.
Read 6 tweets
Messari Profile picture
Mar 23
1/ Entering the multichain race is @fuel_network, a modular execution layer for highly configurable rollups.

@eshita breaks down how Fuel plans to introduce its virtual machine, the FuelVM, in hopes of allowing builders to tap into its capabilities to develop novel apps.👇🧵 Image
2/ On rollups and modular blockchains👇

Blockchains have three main functions: Consensus, Data Availability (DA), and Execution.

Because monolithic blockchains handle all of these functions, they quickly become inefficient, creating the blockchain trilemma.
3/ On #Ethereum, rollups were introduced to outsource the execution function, with the rollup inheriting ETH's security.

But rollups can only scale to the DA solutions limits.

This led to the idea of modular blockchains, splitting up each of the functions.
Read 10 tweets
Messari Profile picture
Mar 23
1/ As we wait for the congestion to clear around today's @arbitrum airdrop...

@chasedevens gets us up to speed with everything happening in the #Arbitrum ecosystem and within #Ethereum's competitive Layer 2 landscape. 👇🧵 Image
2/ @arbitrum is an #Ethereum Layer 2 scaling solution with two general-purpose optimistic rollups, Arbitrum One (flagship) & Abitrum Nova (high throughput).

Arbitrum One is the leading rollup by most user metrics, w/ its bridge becoming the 7th largest $ETH holder by contract. Image
3/ @arbitrum's growth is best displayed by its relative share of Total Value Locked (TVL) against its competitors, increasing 131% over the last 180 days and growing its TVL market share from 3.6% to 8.4%.

4x greater than the next fastest-growing competitor, @optimismFND. Image
Read 10 tweets
Messari Profile picture
Mar 21
1/ Despite the external pressure being applied by U.S. regulatory authorities, the $XRP Ledger (XRPL), supported by @Ripple, aims to provide a digital payment infra not just for individuals, but also for existing financial entities such as central banks.

XRPL Overview👇🧵
2/ ~Consensus

The XRPL uses a Proof-of-Association (PoA) consensus algorithm.

PoA requires each node to set a list of trusted nodes (UNL), which it will rely on for consensus.
3/ All nodes on the XRPL run the same free, open-source software "rippled".

Validators are nodes involved in reaching consensus and voting on improvement proposals, while stock nodes receive, relay, and process transactions.

Nodes rely on their UNL to finalize the state.
Read 9 tweets
Messari Profile picture
Mar 20
1/ What narratives are forming in DeFi?

Currently, dominant trends relate to established protocols building vertically to drive usage and customer experiences or new ecosystem-specific protocols introducing new mechanisms to build sustained growth.🧵👇
2/ @synthetix_io shepherded the introductions of @lyrafinance, and @Kwenta_io.

@Uniswap released an early version of its mobile wallet.

Established protocols are understanding that in order to drive app usage and customer experiences, their products must evolve vertically.
3/ On the other end of the protocol spectrum, new native protocols must look to expand their moats, rather than relying on positive sentiment created by wealth effects.

@GMX_IO and @RDNTCapital on @Arbitrum have seen above-average market traction compared to imported protocols.
Read 4 tweets
Messari Profile picture
Mar 17
1/ $USDC's depeg, @MakerDAO's corresponding expansion of its RWA vault, and @arbitrum's airdrop were just a few of the notable events from a chaotic past week.

Overwhelmed yet? There's more. Let's play catchup ⬇️ Image
2/ This Thursday @arbitrum announced its upcoming airdrop, giving users 12.75% of the total token supply.

The token announcement also marked Arbitrum’s transition to a DAO-based governance model. Image
3/ During the $USDC's depeg, @MakerDAO's PSM saw its $USDC balance nearly double by almost $2B making an RWA vault expansion attractive.

Maker is planning on using $750M of $USDC from the PSM to acquire the RWA collateral, diversifying $DAI’s backing. Image
Read 7 tweets

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