Arbitrum's timeboost auctions have leveled out around $10k per day in additional REV, just two weeks after launch Timeboost now accounts for ~45% of Arbitrum's total revenue

Why I hate active addresses and you should too 👇 TOO MUCH NOISE

They are not "users"

This carries far too much weight from the web2 world where user network effects and RPU drive valuations

The marginal active addresses (AA) is worth <$0.01, and is criminal to compare from chain to chain given the variance in median fee

I spent some time in the trenches with @CelestiaOrg data and have some random thoughts on what the future looks like👇 Takeaways

- Minimal demand right now, but this is a non-issue. The team nailed RaaS integrations
- Fees are probably a long-term issue. Where will sustainable demand come from?
- First-price auctions are inefficient, Manta is proving why

The flippening is coming sooner than you think.

Let me explain...🧵 1/

Bitcoin aims to become the global reserve currency.

Ethereum aims to become the infrastructure of a global digital economy.

The TAM of both visions is enormous, so the better comparison is the likelihood that either network gains respective market share.

Tuesday's sharp sell off and spike in Aave's ETH borrow rate are pressuring the stETH peg.

stETH/ETH price fell to 0.957, its lowest level since recovering from 0.935 in June. ETH borrow rates on Aave spiked to historic highs over 35% as degens aim to maximize value on the PoW fork. How?

Pre Merge: deposit USDC collateral & borrow ETH
Post Merge: collateral retains value on PoS chain but = 0 on PoW chain. User repays loan on PoS chain & keeps PoW ETH.