We just made our @Solana dashboard available to everyone 🔥
Let this be your one-stop shop for all things Solana data. Track TEV stats, validator and staker cash flow, transaction activity/segmentation, and more!
Let's take a look at the highlights 👇
This dashboard was made available in collaboration with the @SolanaFndn. You can check it out using the link below!
TEV tracks the total amount of top-line fee generation for a blockchain, via both in-protocol transaction fees and out-of-protocol tips. Thus it tracks users' willingness to pay for state and blockspace.
Solana TEV erupted higher in 2024, currently sitting at $9m/week.
Source of TEV: Priority fees and Jito tips currently drive ~85% of TEV as users compete on execution speed.
Use of TEV: The Burn, Validators, and Stakers see roughly equal shares of TEV. SIMD-0096 will soon decrease the burn and increase Validator's share of TEV.
We also zoom in on the cash flow to validators and stakers, breaking down where the value is derived. The table below also accounts for emissions, unlike TEV.
Note that validator commissions are currently estimated using the stake-weighted average commission rates.
Using the Onchain Activity tab, you will see metrics that analyze transaction level metrics.
As an example, we segment addresses by the number of txs sent per day to isolate bots (>5000). We see that bots have a 25x higher revert rate than addresses that send 1-5 tx/day.
We also see a meaningful gap in median fee between these two groups, suggesting that bots are more sophisticated and capable of paying a lower median fee & addresses in the 1-5 group are less sensitive to fees.
Solana transactions are constructed with a series of "instruction" calls to onchain programs/smart contracts. Our dashboard tracks the compute unit (CU) consumed and fees generated by these instructions.
We track consumption based on outer instruction calls only.
We will continue developing this dashboard over the coming weeks. You will soon see fresh tracking of:
- Enhanced Stablecoin metrics
- Staking and supply data
- Detailed DEX breakdown
- Network health tracking
Let us know if there's anything you want to see! We will build it.
The dashboard can be accessed below, check it out!
1/ @chainlink is positioning itself to be the dominant infrastructure platform for Real World Assets (RWAs). Surpassing $3B in value excluding stablecoins, the space has seen significant growth in 2024 and is estimated to be as large as $16T by 2030.
2/ Tokenized assets will benefit from increased liquidity, programmability, real-time settlement, and composability. For these gains to be realized, RWAs need a universal interoperability standard, as well as access to external data, IoT devices, and enterprise systems.
3/ Chainlink aims to address these challenges through the creation of the Chainlink Platform, providing a host of services necessary for RWA adoption, including cross-chain interoperability (CCIP), data, onchain identity (DECO), and more.
1/ Starting in November 2023, @arbitrum's Short-Term Incentive Program (STIP) distributed around 71M ARB to boost usage and generated 6149.3 ETH in return.
In this analysis, we aimed to assess the STIP’s overall effect on the network by examining its impact on sequencer revenue.
2/ The goal of the STIP was to attract users and grow activity to the recipient protocols and the broader ecosystem. An increase in sequencer revenue would indicate a successful program, where the costs of ARB incentives are at least partially offset by sequencer revenue in ETH.
3/ We employed the Synthetic Control method, a statistical technique that estimates causal effects by creating an artificial time series from a control group including other L2 networks to account for external market trends and assess the isolated impact of STIP on Arbitrum.
.@paradigm has developed a new node client called Reth that offers both a performance boost for the EVM and a base to develop AVS's for restaking protocols.
Reth stands to be a catalyst for @base, @Optimism and @symbioticfi. But how does it accelerate the growth for the trio? 🧵
1/ Initially, blockchains were a simple network of nodes running software to process, validate, and store transactions. Now, there are modifications of nodes that run a variety of functions, such as for L1s, L2s, MEV, Provers, Eigen AVSs and more.
2/ Reth rebundles the various services and functions mentioned above into a single framework where they can all be modified, run, and maintained via one node. Secondly, it provides a performance module to increase the TPS for EVM L2s.
@AerodromeFi is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.
2/
Aerodrome's success can be attributed to its unique architecture which aligns incentives between each category of protocol participant, including traders, LPs, and protocols looking to seed liquidity for their token. It does so through its vote-lock governance model.
3/
Participants must lock AERO tokens in order to receive fees. Locked tokens, veAERO, give users the ability to direct protocol emissions to specific pools, where they receive 100% of fees and emissions.
1/ ArbitrumDAO governance has reached a critical juncture with three new proposals that could significantly shape the DAO's future:
- ARB staking
- New transaction ordering policy
- Increasing the base gas fee
What is Blockworks' research perspective on these proposals? A 🧵
2/ It's important to understand the gravity of these proposals. Staking would allocate 50% of surplus sequencer fees to ARB stakers. In the post, it is assumed that with 12,000 ETH accrued annually, and ARB at $1, the reward rate for staking would be around 7%.
3/ The point of the staking proposal is to align incentives and increase voter participation, which has been declining.
1/ In just 3 months, USDe has skyrocketed to a $3.5B TVL, making it the fourth largest "stablecoin", trailing only USDT, USDC, and DAI.
Coined "The Internet Bond", @ethena_labs aims to create a synthetic dollar with yield derived solely from crypto-native sources.
2/ Stablecoins have long proven their product-market fit by effectively enabling DeFi as a financial system. However, 90% of the stablecoin supply is dependent on traditional banking.
Ethena is highly relevant today as it strives to create a crypto-native store of value.
3/ USDe maintains its peg through a delta-hedging mechanism using Ethereum and Bitcoin as collateral. Users can stake USDe to capture yield derived from funding payments on perpetual futures exchanges as well as staked Ethereum consensus and execution rewards.