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Viktor Bunin 🛡️ Profile picture
@ViktorBunin
Jul 25 • 2 tweets • 1 min read • Read on X
I took a light look at some of the top trading pairs across Uniswap on Ethereum + Base and Raydium on Solana. TLDR:

1. Solana sees more volume per dollar of TVL, with a large gap to Ethereum, but a small gap to Base.
2. A monstrous amount of volume on Raydium is scams Image
Importantly, not all memecoins are scams. Both Uniswap on Base and Raydium have a lot of memecoin volume, but I didn't see any outright liquidity rugs on Uniswap in the highest pairs by volume.

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More from @ViktorBunin

Viktor Bunin 🛡️ Profile picture
Apr 29
1/ Congratulations to the @EigenLayer team on launching the EIGEN token! This is a *wildly* different design from anything we’ve seen to date so I’d like to share simple explanations of the most important concepts in EIGEN to help everyone grok it. Let’s dive in 👇
2/ Work Token Models

A work token model is one in which a user running a node agrees to provide certain services to the network that can then be consumed by other users. Examples of work token models include The Graph network’s nodes providing data to developers or Livepeer providing video transcoding to video distributors (e.g., YouTube). Work tokens are used not only as entry conditions for performing digital work but also for punishing non-compliant workers through a cryptoeconomic mechanism called slashing (i.e., when digital workers break the covenants inherent in the platform, they risk losing their work tokens).

Existing work tokens have at least one of two limitations: (a) they are special-purpose: created specifically for a particular enshrined digital task (e.g., the ETH token is used for validating Ethereum blocks), and/or (b) they are objective: enforceable only when the violations of the digital worker are clearly attributable onchain (via a programmatic proof).
3/ ETH as the Universal Objective Work Token

EigenLayer removes the “special-purpose” limitation from ETH. Restaking expands the scope of ETH to become a ”universal” objective work token so that it can be staked to participate in all kinds of tasks, including new consensus mechanisms, optimistic rollups, bridges and MEV management solutions, which third parties can permissionlessly create and innovate upon.

However, the “objective” limitation of work tokens remains, as punitive slashing can only be applied to objectively verifiable tasks on Ethereum, such as double signing.
Read 9 tweets
Viktor Bunin 🛡️ Profile picture
Jun 1, 2023
1. Kingmaker feature for blockchain building frameworks
2. Blockchain building framework like Substrate, Cosmos SDK, OP stack, etc. make it ~relatively easy (in the scheme of things) for a dapp developer to also have their own dedicated blockchain without building a blockchain from scratch.
3. The problem is that as these dappchains proliferate, each one is relatively small, and has to do all their own integrations. Wallets are easier, custodians and exchanges are harder, enterprises and institutions are ~impossible.
Read 12 tweets
Viktor Bunin 🛡️ Profile picture
May 31, 2023
1. Fixed vs variable costs for dapps and blockchains
2. A good way of reframing the decision every dapp must make as to whether to deploy on a general purpose chain or to have their own dappchain, is to decide whether they want their operating costs to be fixed or variable.
3. General purpose chains have variable costs due to gas markets. You as a dapp don't have to pay anything to exist, but your users may be impacted if the blockchain you're on has a lot of usage.
Read 10 tweets

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