Balancer, a DEX deployed on numerous chains, experienced a front end hack last night that resulted in hundreds of thousands of dollars being stolen from unsuspecting users. Another day, another hack. It’s all so tiresome.
Eclipse’s mainnet announcement somehow managed to upset both Ethereum and Solana centric community members, with folks from both sides arguing over which camp the new SVM Ethereum rollup, which will leverage Celestia for DA and Risc0 for proving, benefits the most.
What if, just maybe, it actually benefits ALL of the parties involved! Ethereum, Solana, Celestia, and Risc0 all get increased developer exposure, and the user ultimately benefits because something novel is being attempted here that could improve UX over the long haul.
My co-worker, EffortCapital, put it best a few weeks ago on CT:
This whole debate around which tribe Eclipse benefits the most is a huge snooze fest for me. If the year is 2030 and folks are still arguing over nerdy nomenclature, and users are still refusing to use certain applications because of the underlying blockchain architecture, then my guess would be we still haven’t onboarded many new users.
Do you want to be right about your philosophical ideologies as it relates to internet money, or do you want an application that your whole family can use without worrying over whether or not they will lose their entire net worth due to a front-end attack, mismanaging seed phrases, etc.?
The answer is pretty clear to me. It’s time to build for the users.
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In line with the passage of the Arbitrum incentive program we discussed yesterday, Camelot, an Arbitrum-native DEX, saw a ~15% surge on its GRAIL governance token. I once again wonder, HOW IS THIS NEWSLETTER FREE? While most of the market is scared and worrying about what mister J Pow is going to say at FOMC today, the onchain warriors are in the arena. Other strong contenders to keep an eye on as the ARB application process kicks off include GMX, RDNT, MUX, GNS, JONES, and PLS. Keep in mind, any sort of macro crisis can derail the entire rotation.
While NFTs have been down only for the past year, a beacon of hope emerged last week. Zynga, the gaming studio responsible for addictive games like Farmville, launched a free mint of its Sugartown Oras collection last Tuesday. Since then, the collection has seen $3.16M in trading volume, and the 6,000 circulating NFTs now sit at a $3.35M market cap. Is it a good idea to pay 0.34 ETH for something that someone else got for free? Usually no, but keep an eye on this collection. If Zynga plays its cards right, we might witness the first successful crypto gaming experience.
Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.
The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.