kingleo23

Just a way to look at the market cap relative to the protocol revenue via fees. Fees can be a surrogate for usage/utility/financial sustainability, and in cases like ETH, value accrual to the token via EIP1559 burn. A lower value there may suggest relative undervaluing of the token, whereas high values may indicate overvaluing. There’s a lot of nuance that’s not captured by that metric but I think it’s an interesting data point.

Nice investor report from BoA on digital assets.

Key takeaways:

1. “TradFi” is in their abbreviations list.
2. Eth’s Market Value/Tx fees = 88, this is only beaten by Tron (8) which has had 163% increase in tx fees this year. I suspect this is related to whatever is going on with TUSD. Further down in the Defi section it’s noted that 66% of Tron’s defi TVL is in 1 application. Polkadot (16395) and Stellar (21652) rounding out the bottom on the Market value/tx fees metric.
3. Arbitrum and Optimism leading the way (in percentage growth terms) for DeFi TVL with 223% and 198% respectively over the last 1 year. ETH TVL down 8% in that timeframe. I suspect much of that L2 growth is L1 migrations. Arb and Opt also have the lowest Mkt Cap/TVL metrics.

There will have to be governance to decide how the funds get distributed to public goods. I think there is an “alliance” formed of public goods projects that may then just be whitelisted to run sequencers and use the revenues as they see fit. Even there there’s governance around who gets on the whitelist. Any other distribution method would require some form of governance as well with varying degrees of complexity. Will have to wait and see how they plan to handle that stuff.

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Somewhat interesting development: https://publicgoods.network/ Looks like the public goods funding projects (Gitcoin, protocol guild, clr.fund, giveth. etc.) have built a new L2 on the OP stack. The differentiator as stated is that the majority of sequencer fees will go to public goods in an effort to secure more sustainable public goods funding. The details on the governance mechanism are scant so far from what I can find, and execution there in my estimation will make or break this idea. I will say I like the idea of sequencer fees being directed towards public goods rather than just a few VCs pocketing them which seems to be the current trend in the L2 industry, but introducing governance there also opens up a very large can of worms and will be interesting to see how they intend to keep that credibly neutral and prevent capture
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I use Frame as my browser wallet. It has a gas estimator in it. It has nice hotkey feature too to bring it up/down just hit ALT + /

Blackrock refiled the ETF specifically listing Coinbase as the exchange they would have a surveillance sharing agreement with. Pretty funny that all these tradfi behemoths are listing Coinbase, who the SEC considers an unlawfully operating unregistered securities exchange as the exchange they will be partnering with.

This thing is going to get sybilled to hell if it gains any popularity. I haven’t even seen a captcha anywhere. All pseudonymous forums need some form of effective sybil resistance mechanism if they don’t want it to devolve into a bot farm, not to mention how exponentially worse this problem will continue to get in the near future as AI improves. The only area I’ve seen even plausible ideas on how to stem that in a privacy conscious manner while not having to trust the ownership of your identity with a central entity is in the Ethereum space. Whether Gitcoin passport, ethereum attestation service, soul bound NFTs, etc. This is where I see a lot of people getting the “Aha” moment when it comes to blockchains in the future, because the current web2 trajectory on this is head first into noise oblivion or exceedingly walled gardens without privacy protections, which are both shit outcomes.

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