1/ Stablecoin-to-stablecoin volume on Ethereum hit an all-time high of $59.8B in August, making it the leading chain by DEX volume for the month.

Unlike long tail assets driving other L1s, Ethereum's resurgence is anchored in stablecoin activity, revealing a structural shift. 2/ Ethereum holds ~54% of total stablecoin supply, but the more striking trend is the rise of stableswaps, growing from 19.92% in January to 41.95% of total DEX volume in August. In total, 67.7% of all DEX activity last month involved at least one stablecoin.

1/ Last night, @variantfund hosted a demo night showcasing 9 teams working at the intersection of Crypto and AI. Here’s a little taste of what these builders are cooking up: 2/ Leading off, we had @hyperbolic_labs. @zjasper666 demoed their inference platform and GPU marketplace. They are my go-to inference solution for my personal AI projects and open source models.

1/ Crypto x AI: Emerging Onchain

As more projects work at the intersection of crypto x AI, we are starting to see how these two technologies can work together reflected onchain

An exploration of how the combined potential of crypto and AI is showing up in the onchain data 2/  AI agents are going to complete the bulk of onchain transactions

This trend is evident with Autonolas prediction market agents. The # of agent transactions has grown by 2x since the start of the year, completing over 38k weekly txs & ~63% of Gnosis Safe txs in the past month

1/ Hyperlane is emerging as a strong come-from-behind contender in enabling the modular future.

Hyperlane’s continued expansion to chains has enabled it to process over $1.5B in volume in the last 3 months.

An analysis of Hyperlane is growing into an interoperability leader. 2/ Hyperlane is an interoperability protocol that provides a toolkit for developers to streamline multichain connectivity. It allows anyone to set up routes to send messages, tokens, and NFTs across chains.

Their expansion has been permissionless, driven largely by third-parties deploying custom deployments on new rollups and chains.

1/ You may have seen that some L1//L2s have seen ATH for active/new addresses in the past few months

My first response was potential sybilling / farming to blame?

In this analysis, I broke down Layer Zero Usage across chains to answer this question
dune.com/jhackworth/sgu 2/ Everyone knows about the upcoming Layer Zero airdrop, but breaking down the % of network usage by chain for Stargate/L0 in the past thirty days is shocking:

AVAX: 41% of Addresses, 9.3% of TXs
OP: 36.41% of Addresses, 7.76% of TXs
ARB: 788K Addresses, 10.8% of TXs

1/ Are NFT Marketplace Airdrops generating real, long-term success or are they just hype?

My latest research as a guest post for @rabbithole_gg digs deep into the on-chain data to uncover the truth!

Check out the report & 🧵below for top insights

rabbithole.mirror.xyz/s1BFIgK1oIDAiQ… 2/ Since 2022, OpenSea went from a 99% volume marketshare to ~30%

Increased competition from LooksRare, X2Y2, Sudoswap, & Blur had one major advantage: a token.

Whether wash trading on LooksRare or Blur’s volume explosion, users looked to manipulate the system

Curious about the increased growth on L2s? My latest @DuneAnalytics dashboard breaking down the metrics, users, and protocols that are driving activity on Ethereum, Arbitrum, & Optimism. Top insights in the 🧵below.

dune.com/jhackworth/i-l… 2/ Ethereum still is the hub, but L2s are catching up fast. On 11/21, the combination of OP & ARB txs surpassed Ethereum. However:

-Ethereum has 5x as many active addresses

-OP (4.58M) surpassed Arbitrum (3.68M) in metrics but saw close to a 50% decrease due to end of OP Quests

1/ Dove into some on-chain data around DEXes post-FTX collapse via @DuneAnalytics thanks to the recommendation of @MetricsDAO. One thing that stood out was how much dominance exists (Top 100 traders do ~75% of volume). Check out some of the top insights below 🧵

https://twitter.com/jphackworth42/status/1600716695756161024

2/ In events such as the Luna or FTX Collapse, there is a noticeable volume spike for a few days but then decreases quickly after.

Active Traders / Swaps per Day had been increasing from a bottom in June 22 but has been declining since late October (pre FTX)