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Dan Smith Profile picture
@smyyguy
Jul 1, 2024 • 1 tweets • 1 min read • Read on X
Solana just printed a new ATH in monthly economic value (fees + MEV) at $91.3M or $1.1B annualized

The economic value is driven 53% by priority fees on non-vote transactions and 41% by Jito tipsImage
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More from @smyyguy

Dan Smith Profile picture
May 4
Arbitrum's timeboost auctions have leveled out around $10k per day in additional REV, just two weeks after launch Image
Timeboost now accounts for ~45% of Arbitrum's total revenue Image
Timeboost auctions have also become significantly more efficient, with the spread between the first and second bids now hovering around 20%, down from 60% last week

A low spread (near 0%) indicates more of the fair market value of the express lane is captured by the auction Image
Read 7 tweets
Dan Smith Profile picture
Sep 12, 2024
Why I hate active addresses and you should too 👇
TOO MUCH NOISE

They are not "users"

This carries far too much weight from the web2 world where user network effects and RPU drive valuations

The marginal active addresses (AA) is worth <$0.01, and is criminal to compare from chain to chain given the variance in median fee
Here's a cost comparison to maintain 1m AAs for a year

1 AA on ChainA != 1 AA on ChainB

Stop. Comparing. AAs Image
Read 15 tweets
Dan Smith Profile picture
Jan 8, 2024
I spent some time in the trenches with @CelestiaOrg data and have some random thoughts on what the future looks like👇 Image
Takeaways

- Minimal demand right now, but this is a non-issue. The team nailed RaaS integrations
- Fees are probably a long-term issue. Where will sustainable demand come from?
- First-price auctions are inefficient, Manta is proving why
The full dashboard can be accessed by @blockworksres users
app.blockworksresearch.com/analytics
Read 23 tweets
Dan Smith Profile picture
Jan 10, 2023
The flippening is coming sooner than you think.

Let me explain...🧵
1/
Bitcoin aims to become the global reserve currency.

Ethereum aims to become the infrastructure of a global digital economy.

The TAM of both visions is enormous, so the better comparison is the likelihood that either network gains respective market share.
2/
Bitcoin has never generated meaningful transaction revenue relative to its security budget, heavily subsidizing security with block rewards.

The current model is unsustainable, weakening its likelihood of becoming the global reserve currency.
Read 16 tweets
Dan Smith Profile picture
Sep 7, 2022
Tuesday's sharp sell off and spike in Aave's ETH borrow rate are pressuring the stETH peg.

stETH/ETH price fell to 0.957, its lowest level since recovering from 0.935 in June. Image
ETH borrow rates on Aave spiked to historic highs over 35% as degens aim to maximize value on the PoW fork. How?

Pre Merge: deposit USDC collateral & borrow ETH
Post Merge: collateral retains value on PoS chain but = 0 on PoW chain. User repays loan on PoS chain & keeps PoW ETH. ImageImage
While a borrow rate of 35% seems too high for a profitable trade, the borrower wins as long as the value of borrowed PoW ETH is worth more than the interest paid on the PoS chain.
Image
Read 6 tweets

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