Thread by @kapursanat

h1 2024 binance research report was p great, sharing some of my favorite charts

1 / btc dominance rising is confirmation that market is much more selective about alts this time around + we have btc-specific inflows

2 / didn't realize that runes absolutely crushed BRC-20s

runes are also 60% of all btc transactions since launch and generated $145mn in fees

3 / blackrock is the clear winner re: ETFs, but crazy that the grayscale tax effect lock-in means that they're still the second largest

4 / blobs work

interesting that fees didn't decline so much for base because the network was congested i.e. demand for base blockspace higher than supply, irrespective of DA costs

also extremely bullish for base sequencer profitability

5 / the solana dex volume surge is well documented, but scale of memecoin trading this cycle is astonishing

bullish because its a category where onchain > offchain / CEXes are unlikely to eat into this volume

the pumpfun revenue chart is wilddd

6 / cosmos numbers remain paltry and it is unclear to me what changes this

7 / this chart is a good illustration that zk-rollups haven't made a real dent in capturing L2 activity

the issue here is that the current zkrollups offer undifferentiated L2 blockspace vs optimism/base/arbitrum - launch later with a product that feels the same to users ngmi

8 / sequencers make money

the base sequencer makes a LOT of money

9 / blast is often disparaged on the timeline, but relative to other L2s did an excellent job gathering TVL and built up a unique ecosystem

blast blockspace feels distinct from that of other L2s and is a perfect fit for apps like fantasytop and thruster

10 / defi continues to thrive on mainnet

thought experiment: outside of perps (which can't live on eth), is there a single lasting successful defi app that launched on an L2?

uniswap / aave / maker / eigenlayer / lido / LRTs were all eth first

11 / i've never seen lending protocols ranked by utilization, so this was an interesting chart

big mystery why the majority of justlend's tvl remains inactive 😶😶😶

12 / the pendle story of iterating for years before figuring that there's a healthy trading market to be created around trading future airdrops/value of points is inspiring - chart shows kickass growth

future growth depends on more points/aidrops that matter imo

13 / tether might genuinely be among the best businesses ever created

usdc market share has never really recovered post SVB crisis and tether remains the king

heavy lies the crown though 👀

14 / nft volumes dropping has been the headline story, but the way blur absolutely crushed opensea and never looked back is underrated imo

15 / loooong sections on gaming and AI but they were mostly qualitative with no charts showing traction which speaks for itself in some ways

crypto gaming, in particular, has taken in billions of dollars of VC money and as of now, has basically nothing to show for it