Michael Nadeau Profile picture
May 14 1 tweets 1 min read Read on X
Telegram has:

- Over 900 million active users
- A trusted brand that stands for something while aligning with crypto: 1) freedom to communicate privately, 2) freedom to express yourself publicly, 3) freedom to build your apps and businesses.
- A 10x lead on its closest competitor (Signal)
- A smart contract network that can scale with user growth
- A wallet natively built into the Telegram app
- Integration with USDT for stablecoin payments

It appears that Telegram is a social/communication network that is backing its way into blockchain/crypto for payments & other use cases.

Sort of like the "everything app" Elon Musk has hinted at with X.

Excited to see what apps get built on TON and follow Telegram's growth onchain.

Data: Telegram all-time token holders vs daily fees via @tokenterminal

P.S. Telegram has 30 employees and averages 2.5 million new users onboarded per day (!)Image

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More from @JustDeauIt

Jul 25
1/8 A quick 🧵on stablecoin activity on @ethereum & L2s

Starting with all-time transfer volume:

@circle the clear leader with over $10t of all-time volume on the L1. USDC volume was up 14% on the qtr and 37% on the year.

USDT saw zero growth in Q2 and was up 37% on the year.

DAI was the big winner in Q2 in terms of volume -- with 39% market share and $843b of value transferred.

Data: @artemis__xyzImage
2/8 Shifting to volume on L2s:

@circle dominating all time volume on L2s as well with 3.8x the volume of USDT.

USDC volumes were up 41% in Q1 and 127% on the year.

USDT saw 12% growth in Q2 and 74% for the year at the L2 level.

*DAI volume was down 30% on the qtr and 25% on the year on L2s.

Data: @artemis__xyzImage
3/8 Moving on to supply on ETH L1:

USDT leading the pack here with $52b as of 6/30. Balances grew just 5% in Q2 and 33% on the year.

USDC is #2 with $24b. Balances on L1 dropped in Q2 by 11% and 5% for the year.

The fastest growing stablecoin on ETH L1? @PayPal's PYUSD at 124% for the qtr, but with a balance of just $423m as of 6/30.

*Binance's BUSD has basically left the Ethereum ecosystem.

Data: @artemis__xyzImage
Read 8 tweets
Jul 17
Every quarter I spend a few days combing through onchain data to compile Ethereum's financial performance so that you don't have to.

A 🧵on the L2 sector performance in Q2:

Active users: L2s now have 6x that of the L1 (up from 3x last qtr)

Data: @tokenterminal Image
Active addresses/users on L2 only:

@arbitrum averaging more than Ethereum now.

@base in the number 2 spot.

Data: @tokenterminal Image
Fees: ETH vs L2s

ETH Fees dropped $679m in Q2 due to EIP4844 👀

Activity on L2s increased, but with fees dropping due to tech upgrades, sequencer revenues were flat for the qtr.

Data: @tokenterminal Image
Read 16 tweets
Apr 18
Every qtr I spend a week writing The Ethereum Investment Framework while combing through hundreds of KPIs throughout the Ethereum Ecosystem.

10 insights from the Q1 update which was published yesterday.

Shout out to @artemis__xyz for supplying the data.

A 🧵
Newer blockchains may be stealing some mind share from Ethereum, but in terms of where the value still sits, the King still rules:

- 5x higher TVL than the second-largest L1
- 10x higher TVL than #3 Image
As of 3.31, Ethereum has over 118 million non-zero wallet addresses, a KPI that has been growing at a compound annual rate of 40% since 2018. At 3.31, Ethereum has over 2.3x more non-zero wallets than the Bitcoin network. Image
Read 12 tweets

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