Jack Dorsey has said that Twitter should have been a protocol.

What did he mean?

Let's explore social protocols using @farcaster_xyz as an example🧵 Today's largest social media companies have more monthly users than the largest countries have people.

By monetizing the data of these massive user bases, they've accrued vast amounts of wealth, power, and influence.

We just published Coinbase Ventures' POV on the web3 developer stack.

Quick thread on what makes web3 development different from web2 🧵 First it's helpful to outline the main components of any given software application.

1) The front-end (what users interact with)
2) The back-end (what users don’t see)
3) Database (where critical data is stored)

CB Ventures has been digging into the #Bitcoin Lightning network lately.

TLDR: exhibiting promising growth, with the potential to disrupt $150B a year payment + remittance industries.

Threadooor 🧵 Lightning 101: Bitcoin's L2 payment network that lets users deposit BTC and transact near-instant and for pennies via payment channels.

It's been live since 2018, works, and can theoretically scale to millions of transactions per second.

BTC, ETH, S&P 500, NASDAQ, and even the CryptoPunks floor all peaked Nov/Dec '21.

So what happened? A 🧵 on the macro downturn As of June 2022, US equities have shed roughly 20%, or $10 Trillion in value.

Not quite as severe of other historically noteworthy downturns, but it’s certainly in the conversation.

NFT gaming is booming.

@AxieInfinity has 1M daily active users and is generating more revenue than every protocol in crypto not named Ethereum. How it works:

Every time an Axie NFT is traded, a plot of virtual real estate is sold, or two Axies are bred, the protocol takes a fee priced in a combination of $AXS and $SLP.

This revenue is placed in a treasury that's ballooned to nearly $600mm.