1/8 A quick 🧵on stablecoin activity on @ethereum & L2s

Starting with all-time transfer volume:

@circle the clear leader with over $10t of all-time volume on the L1. USDC volume was up 14% on the qtr and 37% on the year.

USDT saw zero growth in Q2 and was up 37% on the year.

DAI was the big winner in Q2 in terms of volume -- with 39% market share and $843b of value transferred.

Data: @artemis__xyz 2/8 Shifting to volume on L2s:

@circle dominating all time volume on L2s as well with 3.8x the volume of USDT.

USDC volumes were up 41% in Q1 and 127% on the year.

USDT saw 12% growth in Q2 and 74% for the year at the L2 level.

*DAI volume was down 30% on the qtr and 25% on the year on L2s.

Data: @artemis__xyz

Every quarter I spend a few days combing through onchain data to compile Ethereum's financial performance so that you don't have to.

A 🧵on the L2 sector performance in Q2:

Active users: L2s now have 6x that of the L1 (up from 3x last qtr)

Data: @tokenterminal Active addresses/users on L2 only:

@arbitrum averaging more than Ethereum now.

@base in the number 2 spot.

Data: @tokenterminal

Every qtr I spend a week writing The Ethereum Investment Framework while combing through hundreds of KPIs throughout the Ethereum Ecosystem.

10 insights from the Q1 update which was published yesterday.

Shout out to @artemis__xyz for supplying the data.

A 🧵 Newer blockchains may be stealing some mind share from Ethereum, but in terms of where the value still sits, the King still rules:

- 5x higher TVL than the second-largest L1
- 10x higher TVL than #3