Mario Laul
@mlphresearch
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1/11 In early modern Italian republics, the journals of bankers were considered public records, the contents of which could not be contested in court. The handling of these journals was therefore strictly regulated. Entries had to be made in the physical presence of...
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What an unbelievable stat: according to a recent report by Chainalysis, ~4% of Turkey's GDP is going to stablecoin purchases. Turkey is among the Top 20 economies globally by GDP.
Source: (h/t
@curiousgurnoor
)
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Safe to say Solana flipping Ethereum is now a higher probability than Ethereum flipping Bitcoin? :)
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Not that any of it is likely to matter in the grand scheme of things...
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1/9 The neo-Schumpeterian theory of techno-economic paradigm shifts can be used to analyze crypto in the broader context of the Digital Revolution as: (1) a techno-populist reform movement; (2) financial innovation; (3) process and institutional innovation; and (4) automation.
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Ten thoughts on decentralized network governance. I recommend reading the full text for some important clarifications, but here's the abridged version:
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The Radicle Governance Working Group is looking for a program lead for the Radicle Grants Program. If you share the vision of
@radicle
and are interested in a paid, part-time role in making it a reality, check out this forum post:
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Among chains with 1b+ stablecoin supply, there are only two with more USDC than USDT: Base and Solana. While the 90%+ dominance of USDC on the former is not surprising, it's notable that Solana now has ~3x more USDC than USDT. Still ways to go to reach mid-2022 levels, though.
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7/9 I’ve explored the relationship between crypto and the Digital Revolution in more detail here:
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Caveats to using TVL aside, this is a great chart by
@MessariCrypto
@DefiLlama
: Ethereum and Arbitrum currently have the most diverse DeFi ecosystems with 25+ apps comprising 90% of their total DeFi TVL.
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"[Whoever] controls the [payment] network determines what is money." (J. Kregel)
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Middlemen < Middlemachines
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@cullenroche
@EconomPic
@adequateryan
@choffstein
The innovation here has more to do with OSS development, access, composability, programmability, automation, governance. It's process/institutional innovation rather than product innovation per se (apart from all the innovative software, of course).
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10/10 Decentralized networks with governance models that are poorly defined or overly complex & resource-intensive tend to be at a long-term disadvantage relative to competing networks that optimize for procedural clarity, simplicity, & smart automation with emergency safeguards.
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Top 10 protocols on leading L1s by their average share in total TVL (YTD as of 2024-04-22):
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Major general-purpose L1s tend to be heavily dominated by DeFi applications. Will this ever change, or will the most transactional, data-intensive apps ultimately find their home on sector-/app-specific chains?
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@RyanWatkins_
As others, I have been saying this for a while but, in the summer, will finally publish a longer piece on how crypto, as a *process/institutional innovation* fits into the latter stages of the ICT Revolution. This comment is for extra accountability :)
@cullenroche
@EconomPic
@adequateryan
@choffstein
The innovation here has more to do with OSS development, access, composability, programmability, automation, governance. It's process/institutional innovation rather than product innovation per se (apart from all the innovative software, of course).
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Notice the trend?
What were the largest centralized exchanges in 2023?
Our study shows that
#Binance
was the market leader amongst the centralized exchanges, with 52.6% market share of the total spot trading volume in 2023.
Read the full study:
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A more important economic purpose than maintaining the purchasing power of a single unit of money is increasing the real wealth available for universal human well-being within environmental limits.
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If you're involved in open source software development, check out
@dripsnetwork
- a decentralized toolkit that enables any organization to continuously fund their critical software dependencies!
Today I’d like to share a new mechanism that has been powering our work with
@dripsnetwork
. 👩💻💡👨💻
💧 Continuous Dependency Funding (CDF) is the first continuous mechanism for funding public goods, empowering protocols to to continuously allocate a % of their revenue or assets
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1/10 Blockchain-related innovation is part of an ongoing maturation phase of the Information Technology (IT) Revolution, which includes the emergence of IT-native forms of socio-economic organization that are digital, global, and increasingly decentralized and automated.
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On why blockchain networks are typical bureaucracies
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If we treat
@friendtech
on
@BuildOnBase
and
@starsarenacom
on
@avax
as outliers for the time being, there are currently only three chains that stand out in terms of fees collected by dApps:
@ethereum
,
@BNBCHAIN
,
@arbitrum
Source:
@MessariCrypto
@DefiLlama
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The most innovative stablecoin to launch in a while! Looking forward to reading the
@bluechip_org
assessment ;)
The stablecoin space is finally evolving ✨
Early 2020: USDT and USDC were the only real options, and DAI was a minor player.
2021-22: new entrants were mainly ponzi schemes that collapsed.
Fast forward to 2023: there's a wave of new innovations and safer stablecoins.
🧵👇
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4/9 Crypto is part of a broader evolution of bureaucratic organization towards a more digital, global, resilient, and automated form in which human administrators – the proverbial middlemen – are replaced by increasingly 'autonomous' networks of middlemachines.
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Here's your friendly reminder that rumors of Ethereum's demise have been greatly exaggerated. And no, TVL is not a useless metric. To the contrary, sustained TVL is a key economic health indicator, and especially so in terms of stablecoins.
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"We define an 'acquired user' as a user that has conducted at least two transactions on a specific chain, with their second transaction being in 2023." Chart would look a lot less good without L2s...
Great dashboard from
@flipsidecrypto
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This is combining two problematic metrics but it's been making rounds on CT recently so here's how different chains compare if you sum up their 30d dex volumes and divide it by their 30d average TVL. I used data from
@artemis__xyz
as of Dec 12, 2023.
Now you probably understand why TVL is a useless metric.
Solana with a fraction of the "TVL" of Ethereum did 70% of all of Ethereum's DEX volume yesterday.
This is called "capital efficiency" you know, how like, every market in history has ever worked?
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In DAO governance, bad rules lead too many people to conclude that rules = bad. This makes rule ambiguity, opacity, centralization more tempting, whereas the smarter option is to work on designing/experimenting with better rules that don't undermine decentralization and autonomy.
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Solana block explorers are close to unreadable. Good luck explaining to a bank's KYC/AML department how you have no idea about the details of the latest random Bubblegum cNFT mint that shows up as a txn associated with your address 🫤
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A basic theoretical starting point for considering cryptocurrency as money and its relation to the real economy.
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What a year for
@tensor_hq
! Shoutout to
@0xrwu
,
@_ilmoi
, the rest of the team, and the whole Tensor community - whatever 2024 brings, you've written one hell of a story to the annals of
@solana
:)
(h/t
@andrewhong5297
)
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With so much going on across the EVM and Solana ecosystems, my hunch is that a lot of people are in the dark on how Polkadot is doing. This is likely the best overview available of the current state of Polkadot, incl. some great charts comparing activity on different parachains.
@paritytech
Visit the Data Report for more end-of-the-year highlights and insights on:
🏛️ OpenGov
✉️ XCM
🔄 Relay Chain Stats
👩💻 Polkadot SDK
⚒️ Staking & Validators
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TVL on L1s tends to be more concentrated than on L2s (as of 2024-04-22):
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@albertwenger
Mosler 2010, Seven Deadly Innocent Frauds of Economic Policy
Wray 2012, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
Mitchell/Wray/Watts 2019, Macroeconomics
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8/9 Citations:
@CarlotaPrzPerez
,
@daveg
,
@JoshuaRosenthal
,
@pmarca
,
@chainomics
,
@MarkusEconomist
,
@RaphAuer
,
@gavofyork
,
@ntnsndr
,
@VitalikButerin
,
@nickgrossman
,
@TrustlessState
,
@keikreutler
,
@OKDunc
,
@jessewldn
,
@awrigh01
,
@c_spelliscy
,
@Cooopahtroopa
,
@_jamico
,
@nichanank
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Median onchain lending rates for stablecoins have increased 5x over the past 12 months. I wonder if the number of hacks/exploits has been decreasing over the same time period...
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Arweave 101
Arweave is "engineered to store data for the maximum possible term without change."
How?
✦ Cryptographic Proofs
✦ Storage Endowment
✦ Incentivized Evolution
These key components allow
#Arweave
to provide permanence. 👇
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2/9 Crypto is not a techno-economic paradigm shift but merely a part of the Digital Revolution that began half a century ago. Its growth required the maturation of enabling technologies, the rise of Big Tech, and the favorable conditions triggered by a financial crisis.
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@slr_coin
@wavepruner
@cburniske
@placeholdervc
True, the bureaucratic middlemen are replaced by machines that don't get bored, rarely make mistakes, and are difficult to corrupt. But one still has to define and govern the rules for the "middle-machine" to follow which reintroduces arbitrary preferences and political conflict.
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Good decentralized protocol and network governance starts (and for some, ends) with good FOSS governance. But there’s much more to explore and experiment with, assuming network politicians succeed in mobilizing the necessary support and resources.
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Originally inspired by the quotes below, my latest post describes three long-term adoption scenarios for stablecoins:
1. Niche / Marginalization
2. Mainstream / Integration
3. Alternative / Disruption
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1/9 The neo-Schumpeterian theory of techno-economic paradigm shifts can be used to analyze crypto in the broader context of the Digital Revolution as: (1) a techno-populist reform movement; (2) financial innovation; (3) process and institutional innovation; and (4) automation.
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Great explainer video on the data availability problem and how
@CelestiaOrg
solves it:
Data Availability Sampling Explained
(0:00) DAS In 60s
(1:45) Scaling Blockchains
(3:34) Probalistic Sampling Techniques
(4:37) Reed-Solomon Algorithm
(5:49) 2D Erasure Encoding Scheme
(7:16) Math & Probalities of DAS
(7:47) Scaling Flywheel
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3/9 Crypto is primarily a process and institutional innovation: a reimagining of how digital infrastructure and services are built, deployed, governed, and consumed. Crypto both drives and enables forms of organization and regulation that are native to the Digital Revolution.
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@curiousgurnoor
It's due to a currency crisis which is a special situation, so I wouldn't call it a precursor for developing countries with a reasonably well-functioning monetary system. But it's definitely a good example of the value prop of stablecoins in countries with high inflation.
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@_bfarmer
on
@Lightspeedpodhq
: "
@NEARProtocol
will be joining the AggLayer."
It'll be very interesting to see whether that jumpstarts a network effect beyond the low-hanging fruit of
@0xPolygon
CDK chains.
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@RyanSAdams
I was only alluding to a change in relative probabilities without saying anything about what they were. Ethereum is deeply institutionalized and the amount of assumptions you'd have to make to see another chain flipping it will make your nose bleed!
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On diversity/innovation vs. isomorphism/institutionalization:
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Below is a summary of my recent piece on systemic risk mitigation in DeFi (full version available at ):
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Today, Solana finally captured its rightful place as
#3
network by market cap after Bitcoin and Ethereum. It's the Holy Trinity of crypto as of April 2024, each worthy of their place in their own unique way.
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Have an idea on how to make DeFi better? One way to get going is to pitch your idea to a network/DAO that has a grant program. Check out this list by
@defigrants
:
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AI will obviously use crypto but scarcity is not the right frame for thinking about money. In a world of expanding collateral base where economic (incl. AI) agents are free to enter into financial contracts, "money" is not scarce. But better verifiability is still essential.
MONEY AFTER AI IS CRYPTO
What is money after generative AI and robotics? This is essentially crypto. Money itself becomes cryptocurrency, just as much intelligence becomes electricity.
Here’s why:
1) First, cryptocurrency is what’s provably scarce in the age of AI abundance.
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1/6 Pournelle’s Iron Law: “In any bureaucracy, the people devoted to the benefit of the bureaucracy itself always get in control and those dedicated to the goals the bureaucracy is supposed to accomplish have less and less influence, and sometimes are eliminated entirely.”
If the actual token holders of a DAO aren't empowered to be in charge and to actively participate and understand its inner workings, it simply becomes a game of extraction by the bureaucratic class. There's no legal obligations, so there are no consequences for corruption.
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6/9 All of the above is a conjecture. But future social structure will certainly be more digitally mediated, globally integrated, and automatically reproduced. And as always, technology will outlive its creators & their goals, both empowering and constraining future generations.
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At least a few networks already on this path...
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@artemis__xyz
could add a button to filter out CLOB escrow transfers of unfilled orders to make the comparison at least directionally more accurate, esp. as this issue is likely to pop up on other high throughput low fee chains as well.
I believe the widely circulated Solana Stablecoin Volumes, particularly $USDC, are completely FALSE if not MANIPULATED through Spoofing.
And I got the receipts to show for it, please read on:
🧵
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$2.3b has flown to Arbitrum in recent months, most of it coming from Ethereum. h/t
@JustDeauIt
@artemis__xyz
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@RyanWatkins_
That's always good to hear, thank you! And I can assure it's been a fair trade both ways ;)
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3/10 In addition to conventional market dynamics, an overarching factor driving the evolution of decentralized networks is the tension between ideology, reality, and financial incentives.
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Glad to see projects like
@bluechip_org
,
@l2beat
with their risk analysis product, and
@ratedw3b
helping users make better decisions interacting with crypto.
Hello world! Today, we're glad to announce the launch of Bluechip, an independent, nonprofit stablecoin rating agency.
Thank you to our advisors and donors for making this possible. We hope to make the stablecoin ecosystem safer and more transparent.
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@balajis
All DAOs are bureaucratic. Smart contracts is bureaucratic technology par excellence.
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@KyleReidhead
I wouldn't call them useless but point taken, obviously. Leaving aside the long tail of L2s, here's what the charts currently look like according to
@artemis__xyz
data:
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9/10 The quality of non-expert decision-making in decentralized network governance is strongly influenced by political communication — a task that requires professionalization.
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Most Optimism metrics have been ~flat for a while now. One notable exception is new contracts deployed where Worldcoin's been doing the heavy lifting as each World App download automatically deploys a Safe on Optimism.
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(And finally, a muleta for the crypto crowd:) “In the future the entire deposit function will be handled by some giant cloud computer facility, controlled and guaranteed by the government.” (Henry Kaufman)
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DELV and Element DAO have launched a new fixed rate protocol on Ethereum:
1/ Element DAO's Hyperdrive deployment is officially live on Ethereum Mainnet!
Earn yield, your way, on the most efficient fixed rate AMM on Ethereum.
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5/9 Digital networks and protocols, including crypto, can and will be used as administrative infrastructure for global institutions and governance. As a result, crypto is likely to emerge as an important theme in the political economy of digital automation.
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1/5 Culture is powerful. Here are four ways to conceptualize culture in the context of crypto/web3 (all overlapping and co-determined):
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The most dangerous economic ideas propagate not due to their objective merits but the degree to which they ignite ideological predispositions & prevent those with the opposite predispositions to treat them fairly. True for trickle-down economics, true for MMT, true for crypto.
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"...that massive computer network... the one that's becoming really big now..."
The news in 1994 looking at an email address for the first time
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Except the menus are different...
Edit: Not hating on anything, just reading the menus :)
ETH haters be like:
“This restaurant only has 3 tables. You’re not even trying to scale up.”
“Sir, the stairs are over here. We’ve expanded and have 2 more levels with hundreds of tables.”
“HA nice attempt to change the topic. If it’s not on the ground floor it doesn’t count.”
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$SOL's relative outperformance over the past few months catapulted it back into the Top 5 by TVL for the first time since the FTX collapse in Oct 2022. While I could see it overtake Arbitrum, BNB, and maybe even Tron, there's no way it'll overtake Ethereum's TVL any time soon.
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@RyanSAdams
@LynAldenContact
@BanklessHQ
Ask her to share a big professional/intellectual mistake that turned out to be a great lesson.
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In case you're wondering what's new/interesting about DeFi.
@cullenroche
@EconomPic
@adequateryan
@choffstein
The innovation here has more to do with OSS development, access, composability, programmability, automation, governance. It's process/institutional innovation rather than product innovation per se (apart from all the innovative software, of course).
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Wonderful symbolism in the park next to the EP. Ostriches are seen as foolish and oblivious ("burying their heads in the sand") but also symbolize "strength through resistance and hardship" and "being capable while keeping both feet on the ground."
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Even though USDT still accounts for ~75% of all stablecoin supply, over the past 6 months, USDC has flipped USDT in terms of transfer volume. Anyone have an explanation for this beyond simply saying that the usage profiles of USDT and USDC are different?
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The problem is insufficient demand pull. For most consumers, everyday payments is a bonus use case at best. But they need some other, more pressing reason to onboard to crypto.
People keep saying we need more crypto apps and less infra.
If that's true, then why is it, 16 years later, we have not succeeded at wide adoption of the original and most obvious crypto use case: payments?
How do we expect to reach "mainstream adoption" for more complex use
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Reread the Brunnermeier, James, Landau 2019 paper on the future of money in the age of digital platforms and financial networks. Great overview with some thought-provoking ideas!
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Why Bitcoin L2s instead of decentralized wrapped BTC on the best existing EVM, SVM, MVM chains? Is it simply "BTC patriotism" or is there more to it?
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ZK for the win!
Huge misconception.
Ethereum is the world's settlement layer not because it has the largest economic security, but because it's the LARGEST VERIFIABLE BLOCKCHAIN with smart contracts.
You don't need to trust validators. You can run a full node on a laptop, the cost is very low.
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@AlexSmirnov__
@curiousgurnoor
That's definitely not the same as buying treasuries. An actual tokenized treasury would certainly be a neat product to hold in lieu of USD but USDT ain't it. But I know what you mean :)
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2/10 Decentralized networks are fields — social arenas of symbolic and material production in which interested actors compete and cooperate over network-specific resources as they provision and consume the products and services available in the network.
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@ElectricCapital
's 2023 Developer Report is a well of interesting information, as always, but here are 3 tidbits that stuck with me this time around:
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@hildobby_
Given the recent price increases, I'd say it's more telling that TVL in ADA has been pretty much flat for ~6m.
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7/10 Good decentralized network governance steers the network through its various stages of development towards more innovative and socially useful functions, while adequately resolving conflicts between different stakeholders participating in or affected by the network.
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@MacaesBruno
An important topic that requires critical reflection. I have four pieces that may be of interest: on "silicon cages" in the making; on crypto+governments; on network governance; on automation (forthcoming).
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@jessewldn
Real crypto-economies FTW! Users need simple ways to earn crypto + places to spend it on real goods and services. But only something reasonably stable can work as a UoA to denominate incomes/prices. Everything else is unlikely to drive mass adoption beyond financial speculation.
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