🟣 Happy halving day musings
Avail yourself of a Ton of Runes good sers
Macauley Peterson
April 19, 2024
Welcome back to 0xResearch – quick hitting alpha for the crypto degens. Here's what we got for you today:
Mid-East tensions
Avail airdrop
Tether on Ton
It’s been a wild day in markets already, with a fresh and steep plunge that took bitcoin’s price back below $60,000, born of bombs borne by Israeli missiles in Iran.
I lived the adage attributed to Martin Zweig — "show me the chart and I’ll tell you the news" — when I awoke and exclaimed, "WTF? Did they go and retaliate now?"
Presumably it was a birthday gift to put Iranian Supreme Leader Ayatollah Ali Khamenei, who turns 85 today (and you thought President Biden was old?) into a chafe (in the archaic sense, but so is the eye-for-an-eye mentality driving the conflict!).
Western media reports contend that the Iranian regime is content to pretend that any damage there may be in Isfahan is benign, and thus extricate themselves from the cycle of escalation. Fingers crossed.
Lifting the veil off $AVAIL
Data availability solution Avail revealed its "unification drop," 600 Million AVAIL tokens meant to serve as "a unifying force bringing different communities together, rewarding developers, governance contributors, technical educators, rollup users, stakers and other valuable contributors from across multiple blockchain communities."
Platitudes or profundities, you be the judge. Given the dramatic valuation of Celestia, and the rise of the modular narrative, this will be one to watch. Details and claims link on their blog.
Ton not Tron
Tether has issued 3 million USDT on the Ton Network for the first time. Ton becomes the 16th blockchain to receive native USDT. It joins Tron — Tether’s largest market with 57 billion tethers — as an option in the Telegram Wallet bot for P2P USDT transfers.
The TON market has been chatted up a ton, with the network's FDV now topping $32 billion, making it a top 10 coin.
Thousands of rollups will continue to launch. With that, rollup interoperability presents a major challenge. Our latest unlocked report here unpacks how Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion. Avail, the unification layer for web3, may prove to be the logical end game for DA layers, so if you’re interested in what that means, check the report out!
Miner efficiency outlook.
A CoinShares report out today finds that "the average production cost per Bitcoin among listed mining companies is now approximately US$53,000."
One of the more interesting takeaways from the report is a prediction on the effect of the growth in AI. "Bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations," the authors conclude.
Although the cost of production is doubling tomorrow with the Bitcoin halving, CoinShares models global hash rate will continue to increase toward 700 exahashes per second by early 2025, signifying ongoing strengthening of network security.
Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.
Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.
While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space.
Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow
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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.
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On May 4, 2024, Polygon developers met for the Polygon Protocol Governance Call (PPGC) #19 to discuss and finalize inclusions for the upcoming hard fork. The main focus was on PIP 22, PIP 36, PIP 30, and increasing the minimum gas price. With the inclusion list finalized, Polygon will target shipping these changes at the end of May or early June depending on testnet deployment timelines. The next PPGC meeting is tentatively scheduled for May 30 but may shift a week or two to align with the rollout.
by Boccaccio
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