Some data on censorship at the base layer post-Merge via @ratedw3b 1/ So far blocks with transactions that involve addresses in the OFAC list represent 0.617% of the post-Merge block mass.

Earlier this week we did a high level review of the numbers around mev-boost in post-Merge Ethereum. We then dug deeper to unearth numbers on the various relays that sit between block builders and block producers.

This is what we found 👇 1/ To level the playing field for those of you that don't know what mev-boost is, it's the OS software that Flashbots has developed to enable a "marketplace" between block builders and block proposers.

We looked at the first ~24k blocks post-Merge and compared the performance of block proposers that are running mev-boost vs those that aren’t.

This is what we found 👇 1/ IMPORTANT: we can’t see missed proposals caused by mev-boost configurations, because the analysis is ex-post.

Little more on this later.

So we have some news 🎉🎉

…and an obligatory thread from yours truly down below.

https://twitter.com/ratedw3b/status/1567907854690177026

1/ Ever since eth2data.github.io I’ve been fascinated by the richness of the data layer that the underbelly of the Ethereum Beacon Chain produced.

At the same time I was always struck by how much of it was left unloved.

The 69 most interesting charts in crypto for 2021.

Let's do this 🎄🎅✨🧵 1/ Top performing cryptoassets with a current market value of over 200M.



2 clear themes in 2021; metaverse (ugh!) and smart contract chains.

Can't have one without the other.

So if you are tuned into the Ethereum chain happenings, you probably noticed that a new gas guzzler emerged from the depths of Vitalik’s masternode yesterday.

Yes, I’m talking about @GearboxProtocol

But what is ⚙️🧰 and why should you care at all? Here comes the threadooooor👇🏻 1/ The simplest way to conceptualise Gearbox is “generalised leverage-as-a-service”

Put some collateral forward, get a multiple of your deposit back in a credit account, and then point it at whatever you like.

How Polkadot parachains work and why they are a lot more similar to Ethereum optimistic rollups (ORs) than you think.

I was trapped in a plane once again and riffed on a thread👇🏻 1/ To set the stage, we’re staring in reverse and briefly reviewing how ORs actually work.

ORs are off chain execution environments that draw security from the L1 they are attached to.

Today that’s PoW Ethereum, post-merge it will be the Beacon Chain.

A quick and dirty review of the first few hours of $ENS with some help from @DuneAnalytics 1/ 30k addresses have already claimed their airdrop amounting to 25% of the total $ENS mass available to claim.

Total market value of what has been claimed thus far is about 230m USD 🤯

👉 dune.xyz/hildobby/ENS-A…

.@AcalaNetwork’s crowdload campaign has hit over $400M in contributions making it the front-runner for winning the first parachain auction on Polkadot.

But what’s Acala and why does it matter?

Roll on 👇🏻 1/ Acala is a parachain candidate that is establishing itself as the DeFi hub of Polkadot.

For those of you not familiar with the nomenclature, parachains are to Polkadot as roll-ups are to Ethereum—execution environments that draw security from the Relay Chain (L0/L1).

Why liquid staked ETH derivatives (and particularly stETH) are primed to trade at a meaningful premium to ETH post-merge.

I was trapped in an airplane a few days ago and riffed on a thread 👇🏻 1/ First off what’s stETH? stETH is a representation of the global staked position managed by the LidoDAO on the eth2 beacon chain.

Lido collects deposits of ETH in a pool and distributes them to validator operators in the co-operative.

The ETH then is staked and earns rewards.

A quick overview of what happened in DeFi during the dump yesterday with a little help from ole trusty @DuneAnalytics 👇 1/ Dump started around 3pm BST. Gas spiked as user activity started peaking, but it was only a few hours later that the mother of all gas spikes reared its ugly head.

Solid 5 minutes with gas over 7,000 gwei.

For nearly all of Ethereum's history its price has correlated strongly positively with the trend in active addresses.

Since EIP-1559 🔥 came to effect, the price of ETH keeps rising but the correlation with aa's has weakened significantly.

Let's take a closer look 👇 1/ What the chart above hints towards, becomes crystal clear when you run the numbers.

Up to August 2021 the correlation between price and aa's stood at an average of approx. 80%.

It has since flipped to a negative 32% 🤯

THE REVOLUTION WILL NOT BE REPORTED QUARTERLY.

Introducing a living PnL, Balance Sheet and key metrics dash for @NexusMutual via @DuneAnalytics

This was easily the most challenging Dune work I've done to date, but so so worth it 👇🏻
duneanalytics.com/eliasimos/Nexu… 1/ First a few pointers on how to read the dash.

The "Key Stats" screens at the top outline some key ratios on $NXM, the reference prices of ETH that feed into the PnL and Balance Sheet, and the period the report benchmarks.

A thread on the @terra_money $UST peg break and fears of an algo bank experiencing a...bank run?! 👇 1/ As you probably noticed, over the past week shit hit the fan in crypto markets. China FUD, ESG/Elon etc etc.

Invariably, prices started collapsing across the board. On the monthly print, this was the worst month for $BTC/USD since at least 2013.

https://twitter.com/caprioleio/status/1396656613398769664?s=20

A new dashboard appeared in the wild! @DuneAnalytics

✨ Eth2 Liquid Staking ✨

Quick thread on the story so far👇

duneanalytics.com/eliasimos/Eth2… 1/ As most of you know, eth2 does pure proof of stake which means that ETH holders must run validators to participate.

Given that 32 $ETH is a sizeable chunk of money these days and that the technical hurdle is significant, a part of the market remains underserved.

DeFi is roaring back. A quick review of the story so far in 2021 with a little help from @DuneAnalytics 👇 1/ USD denominated DEX volumes are 65x what they were this time last year 🤯

That said, given the global crypto mcap has 10x'ed since, the adjusted growth rate is closer to 6.5x--down from 10x between 2019 and 2020.

Still...🤯

It might not be very obvious yet, but the design space between blockchains and consumers will be YUGE.

And I suspect a lot of the entities that end up occupying it will not be *decentralized* For example, it’s plausible to think that combining logic from across different chains will unlock a lot of value.

But at the same time, doing it in a decentralized way is very hard. Let alone the attrocious UX.

No, I’m not talking about you. Talking about the other 99.9%.

https://twitter.com/eliasimos/status/1372670727523033101

Parachains are launching on @kusamanetwork and @Polkadot later this year. This is kind of a big deal. It means that complex economic logic will come live on the largest network by value staked. But how is this actually going to play out and how can you get involved?

A thread 👇🏻 First off—the uninitiated among you will naturally wonder “what the heck are parachains?”

Parachains are application specific chains that are attached to the Polkadot Relay Chain. They can be tuned for specific use cases, but outsource security to validators on the main chain.

So you have probably noticed @terra_money’s exponential rise in 2021. And you’re probably wondering “where did this all come from?”

Well not from nowhere—in fact it’s been a relatively long and super interesting journey, well worth a review.

A thread👇🏻 For some context, Terra is a Tendermint based Layer 1, optimized for financial services. The lifeblood of the system is an expanding set of stablecoins. Stability is achieved via seigniorage enabled by the native protocol asset, LUNA—burn $LUNA, mint stablecoins and so on.

Seems to me that $BTC correlation with global markets is being used fairly indiscriminately, and with some confirmation bias in most takes I’ve seen recently - i.e. cherry picking the starting point of the analysis to fit narrative.

Let’s clear the air a bit. 1/ While Covid-19 was a given since the beginning of the year, the impact in global markets hit around 17/2 when China changed the methodology of how active cases were recorded.

On that day 20k new cases were announced, fear took over, and risk-asset correls went to 1.

With all the talk on $BTC miner capitulation, it's a good time to look at what kind of story the data tells - with a little help from @thetokenanalyst.

A short thread 👇🏼 1/ The miner wallet net flows from September to present day, point to the story so far having been driven by speculation. Nothing out of the ordinary.

Until yesterday.