Nick Garcia
@NickDGarcia
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@MessariCrypto | @InternDAO
Miami, FL
Joined December 2020
Arguably the most misunderstood ecosystem in crypto is @Polkadot . Yet it has attracted the 2nd most devs and is the most commonly held asset by VCs???. What is this protocol that has attracted the big brains 🧠 and the big bags 💰?. Well, she just came to life 3 months ago. 🧵
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The time has arrived. @Polkadot parachain auctions are set to commence Nov. 11th. I've seen plenty of tweets on the crowdloan process, but few describing why parachains are unique. 🧵 on parachains and the major players.
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Looking at the @cookiedotfun data, it's clear @virtuals_io and @ai16zdao are the leading agent ecosystems today. However, the race for third is highly competitive —.- @vvaifudotfun: $166 million total market cap, 307 agents listed, 0.65% mindshare. - @TopHat_One: $153 million
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Decentralized stablecoins are gaining adoption with SEC overhang. @MIM_Spell has capitalized on the opportunity + the Defi 2.0 narrative with its stablecoin Magic Internet Money (MIM). A recent strategy with Terra's UST expands the protocol’s utility. 🧵on how magic works🧙🏼♂️.
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Hard to argue that @Polymarket is not the crypto app of the year. It is on track to reach $475 million in volume and 75,000 new accounts in August alone. It is universally cited by pollsters, pundits, normies, and campaigns. Usage and relevance are only going to accelerate as
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Among the many reasons to be excited about @berachain is the number of projects committed to supporting the network: 270+. A majority of which are applications. With strong day-one incentives, novel bribe markets, a meme wave unlike anything CT has seen before, and PoL
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Q2 2022 was one of the worst quarters of the last decade with the total crypto market cap dropping 58%. Despite the carnage, @Polkadot KPIs held steady. 🧵 on Polkadot's Q2 2022 performance.
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Q3 was loko. Q3 was more 'normal'. What ever that means in this space. There is a lot happening in the @Polkadot ecosystem.
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With Sub0 1-week away and @gavofyork making more appearances it feels like @Polkadot parachains will be announced soon. @kusamanetwork has 11 parachains (10 auction + 1 common good). $731M (22% of total supply) has been raised.
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By every metric, @ai16zdao is by far the top open-source framework. Although price has lagged, its GitHub stars, forks, and contributors have only accelerated. There is a slew of announcements coming — tokenomics revamp, launchpad, revenue sharing, partnerships, integrations,
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Markets are down, but @cookiedotfun usage is up and to the right. As the agent sector quickly saturates, $COOKIE will become increasingly vital to separate signal from noise. With the data swarm APIs, agent, and more, expect $COOKIE to become an integral player in the meta.
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Q1 2022 was the first complete quarter with live parachains on @Polkadot . How did the network fare?. 🧵.
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Just to remind folks —. On December 31, 2020, the combined market cap of SOL, LUNA, and AVAX was $620 million. Exactly one year later it was $108 billion (~170X). Think bigger 🧘♂️
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DePIN demand is accelerating. Leading High-P DePIN networks are seeing steady growth and tracking towards all-time highs in December. - @Hivemapper — $HONEY is burned for map data usage. - @GEODNET_ — $GEOD is burned for location correction data usage. - @helium — $HNT is
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Play-to-earn has been great, but build-to-earn (B2E) is next. @AstarNetwork won the 3rd parachain slot and will bring B2E to the masses. What is build-to-earn? How do developers benefit from this model? . 🧵 on Astar and the B2E model.
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The Merge. ETH 2 staking. LIDO. You've seen it. But, there's another player in this game. @Rocket_Pool 🚀. 🧵.
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BOOM. @Polkadot Parachain slot auctions 1-5 are done. Roughly ~100 million DOT ($2.3B) comprising ~8.6% of total supply was bonded. Congrats to @AcalaNetwork, @MoonbeamNetwork, @AstarNetwork, @ParallelFi, and @clover_finance.
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The State of @hedera Q3 2022. - Network-wide activity increased with the launch of the first DEX @SaucerSwapLabs and NFT-activity hitting all-time-highs. - Phases one and two of staking went live. - The Smart Contract Service had explosive growth.
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State of @hedera Q2 2023. Despite a bear market and hostile US regulatory regime, Hedera continues to show resilience. In Q2, Hedera revenue increased 67% QoQ, added its 29th council member, announced an EVM strategy, and saw increases in all Network Services. 🧵
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The total agent market cap on @virtuals_io is approximately $530 million, with @aixbt_agent and @luna_virtuals accounting for around 70% ($370 million). In 2025, we will see multiple agents reach unicorn status—many of which have yet to launch. Competition from Solana-based.
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We got a peak yesterday of where $TRUMP liq is going to flow — Crypto x AI. @arcdotfun is now the clear #2 open source framework by GitHub metrics and #3 framework by market cap at > $500 million. It was the fastest horse on rotations out of $TRUMP + survived the Binance perp
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A new DEX is coming to @terra_money. Tomorrow, the @astroport_fi 'lockdrop' begins. ~11% of total supply be distributed to 3-groups over 2-phases. How does it work? Who is eligible? . 🧵 on Astro's 🔒💧
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Despite the brutal start to 2022, @tezos network usage is up YoY. Highlights include a 94% increase in transactions, 288% increase in smart contract deployments, > 75% of all tokens staked, and 2 protocol upgrades. 🧵 on Tezos Q2 performance.
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bUt cRyPtO hAs nO rEaL aPpLiCaTiOnS… Just in the last month:. @DIMO_Network — direct integration with Tesla. @Hivemapper — announced partnerships with three of the world’s top map companies. @helium — being leveraged by two leading carriers to offload network traffic. @GEODNET_.
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Crypto governance can be dreadful. Protocols must balance low turnout, quick crisis response, malicious actors, founder opinions, etc. @Polkadot recently announced governance V2. I think it's one of the better governance models today. 🧵.
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The @virtuals_io announced a $40 million buyback and burn program for ecosystem agents. Smaller agents are the biggest beneficiaries with buyback-to-market cap ratios of nearly 0.25 (they were > 1 when this was first announced but the entire eco is pumping). The Virtuals team
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The @Polkadot Ecosystem continued to see growth in Q1'24. - Daily active addresses hit an all-time high of 514,000 (+48% QoQ).- XCM messages up 94% QoQ and 314% over 6 months.- @gavofyork shared a proposal for the future of Polkadot, introducing the Join-Accumulate Machine (Jam)
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Kusama has completed its first batch of parachain auctions. The highly anticipated crowdloan mechanism has been a resounding success with > 10% of KSM supply bonded ($223M at the time of writing). Karura led the way in Kusama --> Acala is expected to lead in Polkadot.
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In Q1 2023, @Polkadot continued its path of network development and expansion. The platform successfully onboarded six additional parachains, bringing the total to 41. XCM continued to gain adoption and utilization, and four forkless runtime upgrades were enacted.
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The @NEARProtocol was among the biggest winners in Q1 2024. - TVL ended at $335M (+163% QOQ; +547% over six months).- Daily active addresses were 1.2M (+42% QoQ; +377% over six months).- Stablecoin market cap +176% QoQ to $214M.Chain Abstraction strategy announcement
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.@AlchemixFi is a Defi protocol tokenizing future yield. The result is non-liquidating + self-repaying loans 🤯. V2 promises to expand this magic 🪄. 🧵 on how this is possible and where it is headed.
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It is going down in a town NEAR you. What is happening over in the @NEARProtocol ecosystem? . Everything you need to know 👇.
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Following the crackdown of @TornadoCash, the KYC and legal-compliance conversation has re-surfaced with a vengeance. One of @0xPolygon lesser known products is @0xPolygonID. It's importance should continue to grow in this environment.
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Investment DAOs are the next intra-AI meta. Investment DAOs are platforms enabling humans and AIs to fund, launch, and manage DAO hedge funds. These DAOs invest in other agents and DAOs, which in turn invest in additional agents and DAOs 🔁. The top two investment DAO platforms
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State of @hedera Q4 2022. - Hedera ended Q4 with an all-time high in TVL .- Multiple Hedera Network Services set all-time highs in network activity.- The Hedera Governing Council added its 27th member
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In March, @LabosNomades declared "2022 is the year of scaling Tezos.". Since then, @tezos has forklessly upgraded 3 times with a 4th planned for later this year. During Q3, the network set an all-time-high in NFT Sales Volume (XTZ). But that's just the tip of the iceberg.
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The State of @NEARProtocol Q4 2022. - Daily active accounts set an all-time high. - Transactions are up 50% YoY while average fees remain below one cent. - TVL is well distributed. - Active validators set an all-time high. - Nightsharing Phase-2 is planned for late 2023.
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State of @hedera Q4 2024. The Hedera network closed a strong 2023 with its strongest quarter of the year. Transaction volume set another all-time high, TVL set an all-time high, a $400 million ecosystem fund was announced, and EVM tooling continued to improve.
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2022 was a difficult year to say the least. Despite the unfavorable conditions, @tezos accomplished several notable achievements:. - 4 forkless upgrades.- 115% increase in annual NFT sales (XTZ).- all-time high TVL (XTZ).- overall network usage increase
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The total market cap of agents on @virtuals_io is approximately $1 billion. Following its recent pump on the heels of the successful investment DAO, @Vader_AI_ has entered the top four. High-quality agents are beginning to emerge.
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For a deep dive into Polkadot and the first 11 parachains, checkout my report over at @MessariCrypto
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The richest source of agent-related data belongs to @cookiedotfun. Yesterday, @0xzerebro announced they are integrating $COOKIE, and @fwielanier has been hinting at more integrations in the pipeline. Cookie is positioning itself to be a core part of the agent stack. I am.
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The @NEARProtocol annual conference is this weekend, and there will be highly anticipated announcements about their two key focus areas: AI and Chain Abstraction. AI.————————————————————————.NEAR has an explicit mission of creating AGI controlled by the community. The core team
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The State of @hedera Q1'23. Hedera witnessed robust financial performance and further growth across all network services during Q1. Meanwhile, the DeFi ecosystem continued to grow, marked by the launch of an additional DEX.
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Pretty incredible @berachain has been able to amass such an ecosystem & CT cult given it has no grant or marketing budget. POL fundamentally improves economic alignment across parties, increases the level of game theory, and enables new protocol functionality. In an industry
RFB got 420 submissions exactly . we're so back.
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Each of the first 11 winners bring novel functionality and use-cases to the ecosystem.
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Increasingly believe DePIN will onboard the masses and showcase how blockchains can provide utility in a sustainable manner. Take @helium — over 500,000 subscribers have leveraged the network via the Carrier Offload beta. As the supply side accelerates, especially with.
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The @helium Carrier Offload Program is one of the most exciting developments in recent memory. Telecom carriers are leveraging Helium with clear synergies for both parties:. - Carriers save $$ and offer better coverage. - Helium receives more traffic routed through the network
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Q2 was a busy quarter for @hedera. Highlights include active users increasing 51%, transaction fees averaging less than $.0001, developer activity increasing, and NFTs gaining momentum. 🧵on Hedera's Q2 performance.
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Is there any DeFAI protocol iterating as fast as @orbitcryptoai?. Everyday I login to this app and there’s a cool new development from $GRIFT. ◦ Automated LP management.◦ Yield optimization.◦ Task scheduling.◦ Cross chain swaps.◦ Copy trading.◦ X integration.◦ Tons of.
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The @NEARProtocol put in a huge move this month. The move accelerated when it was announced @ilblackdragon would be repping at the Nvidia Conference March 17th. However, this run is sustainable as NEAR is building one the industries most complete tech stacks.
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In June, @0xPolygonLabs unveiled Polygon 2.0. Since then, Polygon has published a sequence of posts, highlighting the different facets of the evolving ecosystem. Polygon has released the next component of the Polygon 2.0 vision with the Polygon Chain Development Kit.
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NEAR Is The BOS. @NEARProtocol recently launched the Blockchain Operating System (BOS). The BOS has the potential to be a critical piece in the crypto stack.
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The L1-L2 wars have been a dominant theme in crypto. Unifying these thriving ecosystems via bridges is a logical follow-up. @SynapseProtocol ♾️is at the forefront offering sub 3-minute cross-chain swaps across 10 chains and counting. 🧵on ♾️
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.@peaq is vying to be the de facto DePIN base layer and the ultimate clanker hub. We wrote a peaq deep dive for anyone looking to get up to speed on the network:. h/t @elliotsternber1.
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~Network Usage. Network usage was consistent quarter over quarter despite the pain. Polkadot averaged 145,000 users and 293 million DOT transfers per month.
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The State of Tezos Q1 2023. During Q1, @tezos showcased resilience and growth, delivering its 13th forkless network upgrade, Mumbai, and announcing multiple partnerships in NFT and gaming sectors. DeFi also had a strong quarter. 👇
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Nearly a 2X in active deployments on @akashnet_ in the last month. Increased adoption during downturns is key🔑. The upcoming launches of persistent storage and a GPU marketplace may act as the next catalysts. 🧵☁️💻.
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Parachain to parachain channels on @Polkadot continue to increase. 37 are fully live. 10 are pending.
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The @OurNetwork__ X @DuneAnalytics Data Course week 1 is complete. On-chain data remains a massive opportunity in crypto. Anyone can tap into this opportunity and contribute to the community. 🧵.
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NEAR is the BOS. @NEARProtocol continued to show promise during Q1'23. NEAR set another all-time high in active wallets, further decentralized the network, and released the Blockchain Operating System (BOS).
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State of @MoonbeamNetwork Q4 2024. Transactions increased by 56% QoQ to 57,000 daily transactions. Additionally, Moonbeam had $122 million in inflows during Q4 2024. Moonbeam Routed Liquidity (MRL) had $30.5 million volume across 2,300 transactions in 2024. MRL simplifies
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State of @Polkadot Q4 2023. Polkadot closed out 2023 on a high note, achieving significant growth across key metrics. Looking forward to 2024, Polkadot 2.0 is set to be shaped by its community. @gavofyork has introduced several forward-thinking proposals. 🧵
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~State of @hedera Q3 '23. Amidst a challenging climate, Hedera demonstrated notable growth. HBAR's circulating market cap rose +7.6% QoQ, revenue surpassed $1M for the first time, and new tools and partnerships were announced to enhance its EVM capability.
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Last week was one hell of a week for @NEARProtocol . The NEAR Foundation announced new but familiar leadership, NEAR's flagship conference NEARCON included multiple notable announcements, USN disputes entered the spotlight, and more.
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Clear outperformance from the DeFAI leaders:. ◦ $GRIFFAIN — flat.◦ $ANON — +39%.◦ $NEUR — +51%.◦ $ORBIT — +61%. It is clear where the puck is headed for the next AI wave.
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~State of @Polkadot Q3 2023. Polkadot had a busy third quarter with the completion of Polkadot 1.0, multiple network enhancements announced at sub0, native-USDC launching, Moonbeam Routed Liquidity, staking rates aligning with the ideal staking rate, and more.
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The first @virtuals_io flippening. Extremely healthy signal for the platform. The @aixbt_agent is among the highest signal accounts on this site and on a fast track to 100,000 followers.
The @aixbt_agent account is one of the best accounts I follow. A steady stream of high signal posts.
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Massive spike in market cap and mind share for @aixbt_agent. Today, only ~250 people have access to the terminal ($384,000), which is 0.16% of $AIXBT holders. Next week, tiered access is being rolled out. If the terminal is made widely available and impresses, expect even more
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State of Polygon Q3 2022. - During Q3 active addresses set an ATH of 6M & new addresses spiked 180% QoQ to 24M.- Gaming was up significantly YoY and NFTs set an ATH in active wallets.- Announced new partnerships with Disney Accelerator, Reddit, Robinhood, and Starbucks
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While most assets are bleeding out, $GEOD is at all-time highs. @GEODNET_ is on-track for near all-time high in usage for January. Study DePIN. Study projects creating value. Messari quarterly report 🔜
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A model for forecasting the scope of @Polkadot parachains is KSM MC : DOT MC. $3.03B : $32.9B = 10.86. So, we can expect roughly $731M X 10.86 = $7.9B raised in the first DOT 10 auctions.
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~State of @0xPolygon Q3 2023. In Q3 '23, the Polygon ecosystem experienced significant advancements and activity. The rollout of Polygon 2.0, a new leading NFT collection, the first chain to deploy using the CDK, and a doubling in QoQ active addresses on the zkEVM. 🧵
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In March, @LabosNomades, a Tezos core developer, announced 2022 is "the year of scaling Tezos". Since then, @Tezos has been executing. People are starting to notice.
Tezos is quietly nailing the rollup-centric roadmap. Their enshrined rollups offer easy turnkey permissionless deployment, a great degree of customizability and sovereignty, but without the risks of traditional rollups like smart contract bugs or socioeconomic fragmentation.
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Agreed @NEARProtocol is uniquely positioned at the intersection of Crypto x AI:. • AI R&D — led by OGs @AlexSkidanov (prev. Open AI) and @ilblackdragon ( prev. co-creator of transformers).• Resources to recruit and develop AI talent — the first NEAR AI cohort has six protocols.
Over the past year, I have spent a LOT of time exploring the liquid crypto x AI token space. Let's just say there aren't many that stand out. $NEAR (@NEARProtocol) does; Some thoughts below. Comment 'DM' below if you’d like the full thesis, and I’ll forward it to you.
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The @MoonbeamNetwork continues to be a leading parachain. During Q1 2024:.- Daily active addresses up 131% QoQ to 12,000.- Daily transactions up 73% QoQ to 89,000.- Daily XCM transfers up 207% QoQ to 520. There were also multiple notable partnerships and announcements.
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~State of @Polkadot Q4 2022. - Daily active accounts and new accounts increased by 64% and 49%, respectively. - XCM has transmitted over 166,000 transfers across 70 channels. - 35 slots have been won, resulting in a total of 133 million DOT (10.5% of the supply) being bonded.
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At a high level, Polkadot has two components:.- A base Layer-0 (i.e. the Relay Chain) .- Sovereign Layer-1s (i.e. parachains). The L-0 Relay Chain houses all validators and connects, governs, and secures the L-1 parachains.
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In mid-December, the first parachains were connected to Polkadot. Today, 11-parachains have been on-boarded. After 11 auctions, 126 million $DOT (11% of the total supply; worth $2.1 billion) has been bonded.
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Of the top ten agents on @virtuals_io by market cap, three are Investment DAOs. Investment DAOs are the first iteration of agent-led enterprises. The market's interest in Investment DAOs is reflected in their high market capitalizations and rapid sell-out times during
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The @osmosiszone continues to be a leader in IBC DeFi. During Q1’24:. - Trading volume up 113% QoQ to $5.3B.- Revenue up 63% QoQ to $11.2M.- Daily active addresses up 140% QoQ to 32,000. There was also a big partnership with @astroport_fi to expand LP options and efficiency.
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zkEVM SZN. During Q1 2023 @0xPolygon saw sustained levels of activity across each sector, notable launches and upgrades across various scaling solutions, and an expanding list of prominent partnerships. 👇
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Confirmed: @berachain has one of the most engaged communities + some of the dankest memes. Combine the two, and the flood of Berachain content on CT when mainnet launches will be biblical.
Among the many reasons to be excited about @berachain is the number of projects committed to supporting the network: 270+. A majority of which are applications. With strong day-one incentives, novel bribe markets, a meme wave unlike anything CT has seen before, and PoL
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All of the top agent-related assets are down 35% or more from the highs. Either you think the meta is dead or you have some biblical opportunities in the liquid markets soon.
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There are approximately 20,000 @helium_mobile Hotspots deployed today. The Ameriband announcement yesterday will bring 100,000 more Hotspots on board. A fifth carrier is joining Carrier Offload shortly. The rapid scaling of a DePIN network is on full display 🎈.
carrier 5 rolling out to @helium hotspots here shortly. need a good 5 meme 🤔.
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In Q3 2023, @MoonbeamNetwork displayed resilience amidst an unpredictable crypto market, surging in market cap during the quarter's final week. Q3 saw a blend of outcomes. Looking to the future Moonbeam, is aiming to bolster its network activity through Moonbeam Ignite.
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The @GEODNET_ is one of the most exciting high-p DePIN networks. In just two years, GEODNET has expanded to over 10,000 RTK base stations globally, making it the largest RTK network in the world.
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~State of @tezos Q3 2023. Tezos continued to progress on its network development roadmap. The Oxford upgrade, postponed to Q4, will be Tezos` 15th forkless protocol upgrade over the last few years. Additionally, NFTs continue to be the leading driver of activity.
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The name of the game is now chain abstraction. Recently, @0xPolygon announced two exciting developments: a Type-1 ZK EVM Prover and the ZK Aggregation Layer. These two pieces of infra will serve as foundational components of Polygon 2.0 and its mission of chain abstraction.
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The second and third largest agent infra protocols by market cap trading on Solana are @arcdotfun and @0xzerebro, and they are trading at nearly identical levels:. ◦ $ARC $394 million — Focuses on scalable, high-performance agent frameworks with Rust-based efficiency, error
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Osmo strong. It is no secret @osmosiszone and the broader @cosmos ecosystem have outperformed recently. The upcoming launch of Superfluid Staking may act as the ecosystem's next major catalyst. Co-founder @sunnya97 recently said it is a top priority. 🧵
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To recap, @Polkadot is the brainchild of @gavofyork, with support from Co-Founder @rphmeier and @ParityTech . Polkadot uses a novel, modular architecture.
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During Q2, @Polkadot made significant strides on its roadmap, delivering on key milestones. Open Gov & XCM V3 officially launched, parachains began re-leasing their slots, and developers continue to be a focus point.
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Including EVM activity, @PhalaNetwork still led in monthly average transactions with 3.8 million. Following was @OT_Parachain with 1.7 million. In third and fourth was @AstarNetwork with 1.5 million and @MoonbeamNetwork with 1.4 million.
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Despite regulatory uncertainty in the US, the @NEARProtocol remained resilient, with financial and network metrics showing stability throughout the quarter. NEAR made progress in achieving its 2023 goal of driving adoption to the NEAR Protocol and the BOS.
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The market feels hungry for a new narrative. I believe that narrative can be @berachain, which is rumored to be launching in the near future. There is a large ecosystem with 350+ protocols (over 150 of which are native), a vibrant community with the dankest memes and
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~Analogy: The US. The Relay Chain is the federal gov, and parachains are states. The federal gov secures, governs, and unites individual states. At the same time, states secure, govern, and coordinate themselves. Should a dispute ever arise, the federal gov outranks state govs.
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Osmosis closed 2023 seeing huge increases across a number of key performance indicators. @osmosiszone DEX trading volume increased 241% QoQ to a total quarterly trading volume of $3.7 billion, active addresses increased 67% QoQ, and Osmosis integrated with Celestia. 🧵
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Unlike legacy L1s, parachains will not be siloed. Instead, each parachain will connect with the L0 @Polkadot. By connecting with Polkadot, a parachain receives the networks security, interoperability, and governance.
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~ Treasury. Polkadot has a massive treasury of 36.7 million DOT ($236 million). Despite the substantial treasury, expenditures have been underwhelming because of the constrictive governance model. The recently announced Governance V2 will increase expenditures.
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