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Michael Nadeau | The DeFi Report Profile picture
@JustDeauIt
May 14, 2024 • 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

Michael Nadeau | The DeFi Report Profile picture
Apr 7
The future of Ethereum rests on this gross-looking chart.

🧵 Image
Why are "blobs" (data availability submissions) from L2s the future of Ethereum?

Because Ethereum disrupted itself via the L2 roadmap & EIP4844.

As a result, base fees are down 99% from their peak in late '21 and 92% from the *bottom* of the last bear market in '22 (prior to EIP4844).

We should expect this trend to continue as L2s scale.Image
Priority Fees are also at their lowest level over the last 4 years as more execution activity moves to the L2s post EIP4844.

Again, we should expect this trend to continue as more execution activity moves to L2s. Image
Read 6 tweets
Michael Nadeau | The DeFi Report Profile picture
Nov 5, 2024
Ethereum's Roadmap is under fire.

But have we truly grasped the *economic* ripples that every proposal sets in motion?

Each pivot, upgrade, and idea impacts more than just the blockchain itself.

It shapes the experiences, challenges, and fortunes of:

1. Developers
2. Users
3. Validators
4. Service Providers
5. And Investors

That’s why I created a dashboard on @tokenterminal breaking it all down.

Past. Present. And Future.

A 🧵with some insights from the dashboard + a link at the end for those looking to go deeper 👇

Starting with EIP1559 in August of '21:

$12.4b has been “burned” or bought back since it’s implementation.

1/7Image
Shifting to ETH 2.0 and the move to Proof of Stake in Sept. '22:

Annual issuance dropped 88% overnight.

Impact on Validators:

1. Now compensated with tips from users (fees paid in excess of the base fee for block inclusion) + new issuance.

2. Compensation from new issuance was reduced by 88% overnight (from roughly 13.5k ETH/day to 1.7k ETH/day).

3. Overhead costs (energy) reduced by 99.9%.

4. Compensation from fees + new issuance is now determined by the validator's portion of ETH staked pro-rata to the amount of ETH staked on the network.

[see dashboard for impact on ETH holders]

2/7Image
Moving on to The Shapella Upgrade (staking withdrawals) in April of '23:

Validators increased 58% in the first 6 months post-Shapella.

Impact:

1. Validators: decrease in yield
2. Tokenholders: drop in yield can impact demand for ETH
3. Network security: more validators = more secure network.
4. Applications: @LidoFinance was the largest beneficiary.

3/7Image
Read 7 tweets
Michael Nadeau | The DeFi Report Profile picture
Oct 31, 2024
So many bad takes on the timeline regarding Ethereum vs Solana right now.

It's about time we cut through the noise with a data-driven approach.

That's why I created an absolute banger of a dashboard comparing the economics of the two networks across:

1. Go-To-Market Strategy
2. Value Accrual
3. Total Economic Value
4. Cost to Produce $1 Fee Revenue
5. Network Fundamentals
6. Performance & Valuation

It's both quantitative and qualitative.

A quick 🧵with some takeaways + a link to the dashboard via @tokenterminal at the end 👇

Takeaway #1: It's now about 50% cheaper to transact on Arbitrum than Solana. In fact, it's cheaper to transact on half of the top L2s.

1/7Image
Shifting to Total Network Fees:

Takeaways:

1. Ethereum + the top L2s have done nearly $20b in all-time fees

2. 97.5% has come from the L1 ($479m from the top L2s)

3. Solana has produced $495m in all-time fees, with 87% of that coming this year.

4. The trend is the friend of Solana, which has produced 41% of Ethereum's top-line network fees over the last 90 days (not including MEV)

5. Why am I including L2s? Because they create demand for ETH + settle transactions down to the L1. We'll stop including them if those two economic ties are severed.

2/7Image
Next is Protocol Revenue (burned tokens, which accrue value to non-stakers):

Takeaways:

1. 64% of Ethereum's all-time transaction fees ($12.4b) have been burned, accruing value to ETH tokenholders.

2. 50% of Solana's all-time transaction fees ($247m) have been burned (2% of Ethereum).

3. L2s have no value accrual mechanism for tokenholders today.

3/7Image
Read 7 tweets
Michael Nadeau | The DeFi Report Profile picture
Sep 6, 2024
. @Uniswap did 81% of @coinbase trading volume in Q2.

It did 65% of @RobinhoodApp's volume.

Meanwhile, Uniswap has just 3% of Coinbase's workforce and 4% of Robinhoods.

A 🧵on @Uniswap's market share within crypto across 6 different KPIs using @tokenterminal new dashboard feature.

___

Starting with Fees - Uniswap currently controls a 55% market share. Notably, the protocol generated $45m for Uniswap Labs via it's interface fee over the last 6 months.

That's 9% of what was paid to Uniswap LPs ($503m) over the same period.

*please note all data excludes Solana DEXs (coming soon)

1/7Image
In terms of active users, @Uniswap currently has a 60% market share — twice as high as one year ago.

Uniswap had over 9 million active users in August. For reference, Coinbase has 8 million monthly active users. Robinhood has 13.7m.

Data: @tokenterminal

2/7 Image
In terms of trading volume, Uniswap currently has a 42% market share across crypto DEXs (excludes Solana)

In August the DEX did $52b (down from $90b in March).

Again, Uniswap did 81% of Coinbase's volume in Q2 and 65% of Robinhood's volume.

Data: @tokenterminal

3/7 Image
Read 7 tweets
Michael Nadeau | The DeFi Report Profile picture
Jul 25, 2024
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
Michael Nadeau | The DeFi Report Profile picture
Jul 17, 2024
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

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