Matt Markewicz
@m_mark_0
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Product & Research @MessariCrypto
New York, NY
Joined September 2021
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The Celestia ecosystem today feels lot like Solana did a couple yrs back.
Sovereign Labs, Rollkit, and Astria are all building core infra.
Eclipse, Movement, Initia + Blackwing, SpiceNet, Astria EVM, Forma, and other novel rollups coming online in the next 6 months.
Betting
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This April, Zcash will undergo its first significant network upgrade since 2020. Let's look at what users can expect after the upgrade and what's coming down the road for Zcash.
🧵⬇️
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In an attempt to frontrun all the 2024 predictions threads that will be flooding your TL over the next few days, here's my take on upcoming trends and narratives in the crypto space over the next 12 months. 🧵
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Very confident fees on ETH-based ORs fall under $0.01 for most transactions by EOY after protodanksharding.
I firmly believe ORs will be good enough for a long time and that today's ORs will find a way to migrate to validity proofs when the time comes.
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Yesterday's $325M ‼️ Wormhole exploit sent Crypto Twitter into a frenzy.
Let's sift through the noise to understand what happened, the root cause, and implications for cross-chain bridges moving forward. 👇
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Some thoughts on the
@dYdX
news today:
Cosmos is the obvious choice for building an application-specific blockchain. It will probably be trivial to convert Cosmos SDK chains like dYdX v4 to a rollup on Celestia if there is a need for more scale/security in the future.
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2 years ago, Ethereum had only a few visionary teams (Arbitrum, Optimism, StarkWare, zkSync) working on L2s.
Today - Coinbase, Fuel, Polygon, Scroll, Taiko, ConsenSys, Synapse, and Ribbon, to name a few, are all building on Ethereum.
Fade this trend at your own risk, anon.
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Check out our article on
@MessariCrypto
Enterprise for a comprehensive look at the upgrade and its implications for Zcash. You might even find a little alpha as we look at what's coming down the pipeline. 👀
Zcash: Network Upgrade 5 and Halo Arc
An overview of Zcash Network Upgrade 5 and Halo Arc
messari.io
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Initia’s testnet has been refreshingly smooth and easy to navigate. I'm super impressed by the sheer engineering grit that’s gone into the end-to-end UX, ecosystem wallet, bridging, and performance.
The 10 app-specific rollups announced so far are a solid mix of fun applications
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Messari’s Research team has been on fire lately. Some highly recommended reads from the last few weeks:
MegaETH primer (
@kunalgoel
)
Crypto x AI deep dive (
@bloomberg_seth
)
Navigating cliff unlocks (inaugural report from
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There are even rumblings of migrating to Proof of Stake by implementing components of the Cosmos stack. IBC? Interchain shielded assets? The multichain design space is still largely unexplored, but an IBC-compatible Zcash running on PoS would open up a world of new use cases.
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Network Upgrade 5 (NU5) encompasses features that lay the foundation for increased privacy and scalability. The most significant change is moving to the Halo 2 proving system, eliminating the need for a trusted setup, and bringing recursive proof composition to Zcash.
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Ethereum
ETH remains sluggish in 1H '24, but the narrative swings back to bullish in the back half of the year as L2s mature, Eigenlayer goes live on mainnet, and coprocessors start to gain adoption.
"Ultrasound money" is ditched in favor of the "internet bond" meme.
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So what does this mean for everyday users? Halo enables enhanced scalability and privacy by changing the underlying cryptographic primitives that power the system. End-users can easily verify large amounts of data by confirming a proof of proofs, like zero-knowledge inception.
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The trend is clear. There will be thousands of chains for a variety of technical, economic, and social reasons.
Celestia is building for this future and speed running the endgame of blockchain infrastructure.
1 GB blocks to build whatever
Introducing the community's roadmap to relentlessly scale Celestia 🫧, enabling developers to deploy high-throughput, unstoppable applications using any VM.
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The
@cosmoshub
successfully shipped its Theta upgrade yesterday.
Last week, we explored Interchain Accounts, a new module introduced in the upgrade. Here are some of our key takeaways and implications for the growing Interchain ecosystem.
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Ryan’s talk at Modular Summit was one of my favorites, recommend watching the full session here:
TLDR: Celestia will be so much more than DA for Ethereum rollups. The design space for ZK + DA is massive.
End-to-end encryption is a psyop.
Announcing
@prism_xyz
, a verifiable authentication standard for private messaging and beyond.
With
@CelestiaOrg
underneath, Prism enables users to directly verify their encrypted chats, replacing trusted intermediaries with embedded light nodes
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The New Meta
"Chain abstraction" becomes the meta at some point. As crypto starts to scale with multichain architectures, it becomes clear that an omnichain UX for users is the endgame.
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Solana
SOL continues outperforming in H1 as the premier high-throughput L1 but tops early in the cycle. Institutional interest in SOL picks up after talk of an ETH ETF picks up.
In H2, Monad picks up steam as a legitimate competitor in the integrated, general-purpose L1 wars.
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Applications
Uniswap, Aave, and other blue chip ETH apps announce plans to launch app-specific L2s shortly after 4844. Applications rolling their own chains get repriced with an infrastructure multiplier.
The lines between applications and infrastructure get blurrier.
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After NU5 hits mainnet, the Zcash team expects to shift to a more product-centric focus by building more developer tooling and working on scalability and user experience initiatives.
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TLDR - a trustless setup means you won't have to deal with this anymore:
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Extremely excited to share what I’ve been working on. Super proud to be a part of this team.
Give it a spin and let me know what you think.
✨ Introducing Messari Copilot – All of Crypto. One Assistant.
Messari Copilot taps into 30+ TB of crypto data from our own vault of:
✍️ Research
💰 Fundraising
⛓️ Onchain metrics
📊 Market and social data
📰 News/Podcasts
Built for Trust. Built for Speed.
Let’s dive in 🧵⬇️
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Celestia and the App-Chain Thesis
By the end of 2024, the appchain thesis stages a comeback, positioning TIA as the defacto index for a multichain future.
The Cosmos vision gains tangible momentum within the Celestia ecosystem, bypassing the Cosmos Hub and ATOM.
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In 2023, builders stayed the course amid the uncertainty and chaos, and crypto's outlook has never been brighter.
And that's a wrap for the predictions that no one asked for. Cheers to a big 2024.
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And what about that trustless setup? Zcash's legacy proving system requires that a select group of people destroy "toxic waste" or data that could allow a bad actor to mint ZEC arbitrarily without other users in the system knowing.
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L1s really aren't that interesting anymore. Innovation is moving up the blockchain stack.
The Ethereum <> Solana <> Celestia triumvirate is pre-programmed.
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*Something cool finally happens on Bitcoin
Me: "Huh, let's see what Twitter thinks"
Modular Blockchain Twitter:
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Optimistic Rollups
Optimism and Arbitrum ship permissionless fraud proofs. 2024 is a strong year for app-specific L2s/L3s via Arbitrum Orbit and the OP Superchain.
Base becomes the entry point for retail and the home for applications tied to identity.
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TL sentiment is at all-time lows. Meanwhile, the majors over the last year:
BTC: +100%
ETH: +80%
SOL: +650%
Y'all should try touching grass and staying away from the shitcoin casino.
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@Deswiffer
I never hated on Solana. I posted this while SOL was trading at ~$20.
All I’m saying is that I’m seeing similar parallels in the Celestia eco.
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Knowing what we know today, if Ethereum was rebuilt from scratch, it probably looks like Celestia.
I firmly believe both will remain highly relevant in the long run, especially as Ethereum R&D moves to EIP-4844 and Danksharding.
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The Ethereum community should have more confidence in their design decisions. I've never been more bullish on a rollup-centric Ethereum and am excited to see the merge and proto-danksharding in production soon.
Ethereum and its rollup ecosystem will be fine.
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Copilot is my go-to for new topics, especially with everything cited from trusted sources. Just got a TLDR on app-specific sequencing and bookmarked some content to dive into this weekend.
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It's becoming clear that the biggest downside to the modular stack has nothing to do with performance or composability. It's opaque security and trust assumptions for each new "layer" in the stack.
We need more transparency and plain English risk analysis.
People read blog posts about the "modular stack" and ask me specific questions about who receives users transactions, who controls ordering, who computes the state root, etc
the answer is "depends". different projects do this in WILDLY different ways
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EigenLayer
The buzziest new primitive in the Ethereum ecosystem, EigenLayer brings cheap DA, L1s secured by ETH, and "ETH-aligned" bridges, oracles, etc.
Honest discussions start forming around the existential risks of restaking if not appropriately managed, akin to Lido.
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Blockchains are inherently financial.
Stateless money, stablecoins, payments, and disintermediated financial services are the PMF.
Maybe those long tail use cases like gaming or social come in the future, maybe not.
In the meantime, embrace the DeFi Renaissance.
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Bitcoin
Bitcoiners largely rally behind ordinals and L2s as the solution to the security budget problem. There is no serious threat of a contentious BTC fork in 2024.
Multiple sovereign rollups deploy on BTC, but adoption is limited to a small, niche user base.
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The talent density on the
@MessariCrypto
engineering team is insane. Great opportunity for the FE wizs out there. 👇
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Mike & the fundraising team at Messari are cooking.
Check out for the deepest fundraising dataset + most expansive deals screener on the market.
Over $790 million of capital was allocated across close to 200 deals in the month of February.
@eigenlayer
led the way raising $100 million from
@a16zcrypto
.
Let's dive into February's venture deal flow 🧵
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We've spent a lot of time building the most powerful fundraising data tools on the market.
@fursigh
,
@KidKrypt0
, and team have done an incredible job creating the most robust, crypto-native dataset.
The best part — Messari's fundraising suite is now available to all Pro users
Bias ofc but this is by far the best bang for your buck when it comes to crypto fundraising data.
@fursigh
and team have put together the best crypto-native fundraising dataset that exists today ((breadth of data points and accuracy). 12,500+ Rounds & 13,000+ Investors
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Probably not even a hot take anymore, but I have total conviction that Celestia is the only L1 that can displace Ethereum.
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Check out what we've been up to
@MessariCrypto
! 👇
We just upgraded Messari Intel to be the most comprehensive source of protocol information and governance
Votes, proposals, updates, hacks, bugs...anything you want to know about across the top protocols + real-time alerts 🔔
No one else has the depth and breadth of coverage -
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For just $75 a month, get access to Messari's top-tier suite of fundraising tools. This is seriously a must-have for anyone in BD, growth, strategy, and/or VC. Check it out:
.
@SquadsProtocol
raises $10M in a Series A funding round led by
@ElectricCapital
.
Explore fundraising updates with Messari Pro:
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This is becoming increasingly obvious day by day. Do you believe me yet, anon?
L1s really aren't that interesting anymore. Innovation is moving up the blockchain stack.
The Ethereum <> Solana <> Celestia triumvirate is pre-programmed.
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Remember when CT thought we bought the Constitution?
Simpler times.
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Huge. The Solana eco just continues to ship.
1/7) Today we're excited to shed light on Mithril, a Solana full node client in the Go programming language, being developed to make verification of the chain easy and affordable enough to do so from your home 🛖 or cloud ☁️
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@DougieDeLuca
This depends on how much the existing Cosmos ecosystem adopts Celestia as a DA solution. Right now, I’d call it a separate ecosystem.
In my opinion, the Cosmos Hub needs to pivot to provide shared sequencing or settlement on top of Celestia for the ecosystems to be aligned.
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“Celestia underneath” - many such cases
Introducing M2 with Celestia underneath
M2 is the first Move-based Ethereum L2 scaled using
@CelestiaOrg
’s modular data availability layer, accelerating the creation of high-performance consumer apps.
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dYdX doesn't have a scaling problem. Their focus shifted from scalability to decentralization, and like all good teams, dYdX is iterating.
I've always been impressed with
@AntonioMJuliano
's relentless product-first mindset. We need more of that in crypto.
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@kelxyz_
does it again. Required reading for anyone counting Solana out (especially for the modular maxis like myself)
1/
@solana
is the most contentious topic in all of crypto
some like, many hate
took a stab at reframing the narrative so that the many may reconsider
high level overview of 30 pages on sol below - including a direct comparison btwn sol & eth + intro valuation stuff for sol
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👀
What’s smart, fast, and about to change the game?
Something BIG is about to drop at
#Mainnet2024
!
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The SAB 121 vote is a psyop to distract you from the real issues like the widespread Zyn shortage in NYC.
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Decentralization by itself isn’t an important property of blockchains. Censorship resistance, liveness, and fault tolerance are all vastly more important.
On L1, decentralization matters. L2s with 1-N security models shouldn’t be evaluated on standard decentralization metrics.
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Based
Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.
Feels like a turning point for citizen journalism and loss of trust in MSM.
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For up-to-date information on hacks, vulnerabilities, and the growing multichain ecosystem, check out Messari Intel and our full suite of enterprise offerings.
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Some of my favorite use cases of Copilot are on the fundraising/VC/BD side.
Rapid insights into the fundraising landscape, identify key trends or metrics, or build a lead list in seconds.
Give
@fursigh
a follow for the alpha.
Great list.
@MessariCrypto
's new AI Copilot gets you here in seconds.
Checkout the link below:
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The in-depth, super niche podcast you didn't know you needed 😎
The PS pod gets into the nuts and bolts of the companies providing core services to protocol teams.
Give it a listen to uncover more on the multi-million $ service provider industry and the builders behind it
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StarkNet Resurgence
StarkNet migrates to an offchain DA solution like EigenDA or Celestia. The StarkNet ecosystem starts to pick up steam after lagging behind its optimistic rollup counterparts in 2023.
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It has begun
We're going modular.
We'll deploy our upcoming protocol upgrade as a sovereign rollup using
@RollkitDev
on
@CelestiaOrg
to unlock the full potential of the world's first decentralized RPC.
We're excited. Here's why. 🍿
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The Governor team just keeps shipping. If you haven't checked it out already, Messari Governor has quickly become an essential tool for any governance enjoooyer.
Check it out here:
1/ Messari Governor continues to evolve into the most comprehensive data tool, regardless of individual DAO function, in the governance space.
Our team has worked diligently to eliminate data gaps and is proud to introduce our upgraded DAO Profiles for Pro & Enterprise users👇🧵
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Appchains are inevitable.
Expect to see a lot more of this.
Aave Network 🛜
A primary hub for GHO and the Aave Protocol with a network-agnostic, multichain approach, this expansion aims to create new opportunities for GHO's use cases.
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Bullish helius. Bullish solana.
Love seeing the teams grinding it out in the trenches win. Congrats
@heliuslabs
.
friends and enemies,
announcing our latest raise from the best of the best
we have one purpose: accelerate crypto & solana app devs
we're solving big problems in distributed systems at immense scale and speeds with the best engineers around — come join us
now back to work
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dYdX proved that Ethereum L2s,
@StarkWareLtd
in particular, can scale complex, high-throughput applications.
The tooling to build application-specific rollups on Ethereum is simply not mature enough today. Decentralization of L2s, zk-rollups in particular, will take time.
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Excited for this one 🎉
Mainnet soon.
Espresso CEO
@benafisch
will be speaking at mainnet in New York next week, sharing more about our upcoming release.
Make Ethereum Composable Again
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New search is snappy. Give it a spin and explore assets, research, fundraising data, and much more on .
🔎 Stop searching and start researching!
Now you can discover everything you need in a matter of seconds. Whether you're looking for assets, research reports, or protocol details, our search has been redesigned to get you there faster.
Let's dive in 🧵
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Anyone fading rollups at this point needs to pay more attention. Limitless scaling is closer than you think.
Today, we announce Sovereign, the Internet of Rollups.
Sovereign is an ecosystem of interoperable and scalable rollups that can run on any blockchain.
Why are we building this? 🧵
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It is increasingly evident that app chains are inevitable. The question now becomes, where in the stack will they live?
My bet is that in a post-Celestia/Protodanksharding world, L2 and L3 will be the home of the app chain Renaissance.
As the technology matures, rollups will enhance Web3 builder & user experience through enhanced and tailored UI, reduced OpEx, and a greater design space for native token economies.
Rollup-as-a-service projects are building solutions to meet this opportunity 🪡
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The ETH killers of the last cycle, like SOL, are competing with L2s.
There will be new ETH killers next cycle, led by Celestia.
It will be nearly impossible to displace Ethereum as the center of gravity in the crypto economy, but Celestia is the strongest competitor yet.
No layer 1 will claim to be an Ethereum killer ever again.
We can retire that meme.
Alt-layer 1s are now competing with L2s.
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These Ethereum alignment arguments are so stupid lol.
Peak bear market things I guess. 🤷♂️
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@mxlcolm
@theSamPadilla
@MessariCrypto
+1
General-purpose L1s that aren’t optimizing for data availability (like Celestia and Avail) are DOA outside of Solana, Aptos, Sui, and Cosmos app-chains.
Differentiated, modular execution environments like Fuel, StarkNet, and zkEVMs will own the next bull market imo.
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A sovereign rollup summer would be glorious
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Got Covid again (3x), ETH is a security, bank runs, Silk Road BTC. We HAVE to be near the bottom.
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Modular meets integrated.
Very cool approach to solving the biggest problems in a multichain world while letting apps maintain their sovereignty where it matters.
Delta looks like one to pay attention to.
Introducing delta, a network of networks with shared state
delta is an integrated system, built from the ground up to break the trade-off between sovereignty and interoperability for developers
We’re thrilled to announce $11M in funding to realize this vision
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Great episode.
Any pods with
@Jskybowen
and
@0xtaetaehoho
are must-listens, but this one is already one of my all-time favorites.
NEW POD: Are L1s and L2s Converging? Eclipse & Astria on Crypto's Scaling Future
@0xtaetaehoho
@Jskybowen
We dive into:
- Convergence of decentralization models
- Future of shared sequencing
- DA more than a commodity
-
@EclipseFND
&
@AstriaOrg
design approach
Links below
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@MikeIppolito_
High throughput L1s: Solana vs EOS/Tezos/etc.
NFT Marketplaces: Blur vs OpenSea
Centralized Exchanges: Binance vs the pre-'17 vintage
Appchain Frameworks: App-specific rollups/AVAX subnets seemingly positioned to beat Polkadot/Cosmos based on the current trajectory
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In fact, the same style of attack can happen on any bridge, even between L1 <> L2.
Cross-chain bridging is hard, really hard. There are significant downstream effects of bridge failures. Most teams don't have the resources like Jump to make users whole after a $300M+ attack.
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Most cross-chain bridges are essentially just a pair of contracts that run on two different chains. An off-chain relayer (in this case called a Guardian) opens a communication channel and facilitates messaging between the two chains.
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The only way out is through. Build. Fail. Iterate. Unironically, it’s an amazing time to be an app builder—for those who choose to stick it out.
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There are still a few edge cases that need to be ironed out, but Kiln has largely been a success. Congrats to all involved, looking forward to seeing the merge in production.
Soon™️
And it seems to have worked 🎉 Post-merge blocks are being produced by validators, and they contain transactions!
Just waiting on finalization now 👀
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